BJ's Wholesale Club Holdings, Inc. Files 2024 10-K Report

TL;DR

<b>BJ's Wholesale Club Holdings, Inc. has filed its 2024 10-K report detailing its fiscal year 2023 performance and operations.</b>

AI Summary

BJ's Wholesale Club Holdings, Inc. (BJ) filed a Annual Report (10-K) with the SEC on March 18, 2024. BJ's Wholesale Club Holdings, Inc. filed its annual 10-K report for the fiscal year ending February 3, 2024. The filing covers financial data and business operations for the fiscal year 2023. The company's principal executive offices are located at 350 Campus Drive, Marlborough, MA 01752. BJ's Wholesale Club Holdings, Inc. was formerly known as Beacon Holding Inc. until September 27, 2011. The company operates within the Retail - Variety Stores (SIC 5331) industry.

Why It Matters

For investors and stakeholders tracking BJ's Wholesale Club Holdings, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of BJ's financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors assessing the company's current standing and future prospects. Understanding the company's historical financial data, executive compensation, and risk disclosures within this report is essential for making informed investment decisions regarding BJ's Wholesale Club Holdings, Inc.

Risk Assessment

Risk Level: medium — BJ's Wholesale Club Holdings, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial and operational information, it does not present immediate, significant positive or negative catalysts, placing its risk profile at a medium level for analysis.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to identify any emerging trends or potential challenges that could impact BJ's future performance.

Key Numbers

• 2024-02-03 — Fiscal Year End (End date of the reporting period)
• 2024-03-18 — Filing Date (Date the 10-K was filed)
• 5331 — SIC Code (Standard Industrial Classification for Variety Stores)

Key Players & Entities

• BJ's Wholesale Club Holdings, Inc. (company) — Filer and subject of the report
• Beacon Holding Inc. (company) — Former name of the company
• Marlborough, MA (location) — Location of principal executive offices

FAQ

Industry Context

BJ's Wholesale Club operates in the retail sector, specifically within the variety stores segment, competing in a market characterized by discount retailers and membership-based clubs.

Regulatory Implications

The filing adheres to the regulations set forth by the Securities and Exchange Commission (SEC) for annual reports (10-K), ensuring transparency and providing standardized financial and operational disclosures.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and debt levels.
2. Review the business description and risk factors for strategic insights and potential headwinds.
3. Examine any disclosed executive compensation details for alignment with company performance.

Key Dates

• 2024-02-03: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-18: Filing Date — The date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the fiscal year ending February 3, 2024. Previous filings would need to be compared for year-over-year changes.

Key Financial Figures

• $0.01 B — ich registered Common Stock, par value $0.01 BJ New York Stock Exchange ____________
• $1.2 billion — means the aggregate committed amount of $1.2 billion under the ABL Revolving Facility; "Fir
• $55 — r our Club Card membership is generally $55, and the annual membership fee for our
• $110 — value-enhancing features, is generally $110. We believe that members can save over
• $2,500 — supermarket competitors when they spend $2,500 or more per year at BJ's on manufacture
• $4.1 billion — erkley Jensen , represent approximately $4.1 billion in annual sales. Our customers recogniz
• $420.7 million — e growth. Our membership fee income was $420.7 million for fiscal year 2023. On May 2, 2022,

Filing Documents

• bj-20240203.htm (10-K) — 1691KB
• exhibit41-descriptionofsec.htm (EX-4.1) — 31KB
• exhibit1013-amendedandrest.htm (EX-10.13) — 21KB
• exhibit1016-amendedandrest.htm (EX-10.16) — 126KB
• exhibit211-subsidiarylist.htm (EX-21.1) — 13KB
• exhibit231-bjsfy24consent.htm (EX-23.1) — 2KB
• bj-02032024x10kex311.htm (EX-31.1) — 10KB
• bj-02032024x10kex312.htm (EX-31.2) — 10KB
• bj-02032024x10kex321.htm (EX-32.1) — 5KB
• bj-02032024x10kex322.htm (EX-32.2) — 5KB
• exhibit97-compensationreco.htm (EX-97) — 29KB
• bj-20240203_g1.jpg (GRAPHIC) — 4KB
• bj-20240203_g2.jpg (GRAPHIC) — 98KB
• 0001531152-24-000026.txt (&nbsp;) — 10176KB
• bj-20240203.xsd (EX-101.SCH) — 73KB
• bj-20240203_cal.xml (EX-101.CAL) — 128KB
• bj-20240203_def.xml (EX-101.DEF) — 304KB
• bj-20240203_lab.xml (EX-101.LAB) — 899KB
• bj-20240203_pre.xml (EX-101.PRE) — 618KB
• bj-20240203_htm.xml (XML) — 1303KB

Business

Business 7 Item 1A.

Risk Factors

Risk Factors 14 Item 1B. Unresolved Staff Comments 29 Item 1C. Cybersecurity 30 Item 2.

Properties

Properties 30 Item 3.

Legal Proceedings

Legal Proceedings 31 Item 4. Mine Safety Disclosures 31 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 32 Item 6. Reserved 35 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 35 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 44 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 45 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 79 Item 9A.

Controls and Procedures

Controls and Procedures 79 Item 9B. Other Information 79 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 80 PART III Item 10. Directors, Executive Officers and Corporate Governance 81 Item 11.

Executive Compensation

Executive Compensation 81 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 81 Item 13. Certain Relationships and Related Transactions, and Director Independence 81 Item 14. Principal Accountant Fees and Services 81 PART IV Item 15. Exhibits and Financial Statement Schedules 82 Item 16. Form 10-K Summary 85

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this Annual Report on Form 10-K should be considered forward-looking statements, including, without limitation, statements regarding our future results of operations and financial position, business strategy, transformation, strategic priorities and future progress, including expectations regarding deferred revenue, lease commencement dates, impact of infrastructure investments on our operating model and selling, general and administrative expenses, sales of gasoline and gross profit margin rates, share repurchases, and new club and gas station openings, as well as statements that include terms such as "may", "will", "should", "expect", "plan", "anticipate", "could", "intend", "project", "believe", "estimate", "predict", "continue", "forecast", "would", or the negative of these terms or other similar expressions. The forward-looking statements in this Annual Report on Form 10-K are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: uncertainties in the financial markets including, withou

Business

Item 1. Business General BJ's Wholesale Club is a leading operator of membership warehouse clubs concentrated primarily on the eastern half of the United States. We deliver significant value to our members, consistently offering 25% or more savings on a representative basket of manufacturer-branded groceries compared to traditional supermarket competitors . We provide a curated assortment focused on groceries, continuously refreshed general merchandise, gasoline and other ancillary services, coupon books, and promotions to deliver a differentiated shopping experience that is further enhanced by our omnichannel capabilities. Since pioneering the warehouse club model in New England in 1984, we have grown our footprint to 243 large-format, high volume warehouse clubs and 174 gas stations spanning 20 states as of fiscal year end 2023. In our core New England market, which has high population density and generates a disproportionate part of U.S. gross domestic product ("GDP"), we operate more than three times the number of clubs compared to the next largest warehouse club competitor. In addition to shopping in our clubs, members are able to shop when and how they want through our website, bjs.com, and our highly rated mobile app, which allows them to use our buy-online-pickup-in-club ("BOPIC") service, curbside delivery, same-day home delivery or traditional ship-to-home service, as well as through the DoorDash and Instacart marketplaces where members receive the same preferential pricing as in-club shoppers by linking their membership. We also offer Same-Day Select, which offers BJ's members the ability to pay a one-time fee for either unlimited or twelve same-day grocery deliveries over a one-year period. Our goal is to offer our members significant value and a meaningful return in savings on their annual membership fee. We have over 7 million members paying annual fees to gain access to savings on groceries and general merchandise and services. The annual membersh

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View this 10-K filing on SEC EDGAR