It's like a **Costco** or **Sam's Club**, primarily serving the East Coast of the United States.

• Perishable Goods: A variety of fresh and frozen food items and other goods with limited shelf life.
• General Merchandise: A broad range of non-food products, including electronics, home goods, apparel, and health and beauty items.
• Gasoline: Vehicle fuel provided at its dedicated gas locations.
• Ancillary Services: Various supplementary services offered to members within its warehouse clubs.

BJ's Wholesale Club (symbol: BJ) primarily sells its products and services to individual consumers and small businesses through its membership-based warehouse club model.

The categories of customers that BJ's Wholesale Club serves include:

1. Individual Consumers/Households: These are private individuals and families who purchase goods in bulk for personal and household consumption, including groceries, general merchandise, electronics, and gasoline. Membership is typically required for these purchases.
2. Small Businesses/Entrepreneurs: BJ's caters to small business owners who purchase supplies, inventory, and equipment for their operations (e.g., restaurants, offices, convenience stores, caterers, resellers). BJ's often offers specific business memberships tailored to their needs.

Bob Eddy, Chairman, President, and Chief Executive Officer

Mr. Eddy joined BJ's in 2007 as senior vice president, finance, and progressed to executive vice president and chief financial officer in 2011, then executive vice president, chief financial and administrative officer from 2018 to April 2021, when he became president and chief executive officer. He was appointed chairman of the board in June 2023. Before joining BJ's, he was a member of the audit and business advisory practice of PricewaterhouseCoopers LLP (PwC) in Boston and San Francisco from 1995 to 2007, serving retail and consumer products companies. Mr. Eddy played a pivotal role as Executive Vice President, Chief Financial and Administrative Officer during BJ's successful Initial Public Offering (IPO) in 2018. He currently chairs the board of directors and executive committee of the National Retail Federation and is a trustee of the Boston Children's Hospital Trust. He also became a director of Dick's Sporting Goods in September 2023.

Laura Felice, Executive Vice President, Chief Financial Officer

Ms. Felice was appointed Executive Vice President, Chief Financial Officer in April 2021. She began her tenure at BJ's in 2016 as Senior Vice President, Controller. Prior to BJ's, Ms. Felice worked at Clarks Americas, Inc., a shoe manufacturer and retailer, from 2008 to 2016, most recently as Senior Vice President of Finance. She also worked at PwC in Boston from 2003 to 2008. She is a Certified Public Accountant and serves on the board of directors of the Massachusetts Society of CPAs. Ms. Felice also serves as a board member of Broadstone Net Lease, LLC, on the Board of Advisors for the Boston Ballet, and is a board member of the National Retail Federation Foundation.

Paul Cichocki, Executive Vice President, Chief Commercial Officer

Mr. Cichocki has served as Executive Vice President, Chief Commercial Officer since April 2021. From April 2020 to April 2021, he held the role of Executive Vice President, Membership, Analytics and Business Transformation. Before joining BJ's in April 2020, Mr. Cichocki was a partner at Bain & Company, a management consulting firm, for over 20 years, where he advised clients across various industries, including retail, consumer products, financial services, and food and beverage. Prior to Bain, he was an operating manager at Frito-Lay, a division of PepsiCo., from 1991 to 1995.

Bill Werner, Executive Vice President, Strategy and Development

Mr. Werner has served as Executive Vice President, Strategy and Development since April 2021, where he is responsible for market expansion and key strategic initiatives. During his tenure at BJ's, he previously held roles including senior vice president, strategic planning and investor relations (2016-2021), senior vice president, finance (2013-2016), and vice president, accounting and financial reporting (2012-2013). Before joining BJ's in 2012, Mr. Werner was a director in the deals practice at PricewaterhouseCoopers LLP from 2007 to 2012.

Scott Schmadeke, Executive Vice President, Chief Operations Officer

Mr. Schmadeke was appointed Executive Vice President, Chief Operations Officer in November 2024, overseeing club operations, supply chain, and asset protection. Prior to joining BJ's, he held several key operations leadership positions in the retail and grocery industry, including roles at Albertson's Companies and Safeway, Inc.

Key Business Risks for BJ's Wholesale Club

1. Macroeconomic Factors and Consumer Spending: BJ's Wholesale Club's business is highly susceptible to broad economic conditions that influence consumer spending patterns. Factors such as inflation, unemployment rates, changes in disposable income, and alterations to government assistance programs (like the Supplemental Nutrition Assistance Program, or SNAP) can directly impact consumer purchasing power and habits, potentially leading to reduced sales and profitability for the company.
2. Intense Competition: The retail industry, particularly the warehouse club segment, is highly competitive. BJ's faces significant competition from well-established players like Costco Wholesale Corporation and Sam's Club, which often possess greater financial and marketing resources. Additionally, competition from supermarkets, supercenters, and online retailers further intensifies the market, posing a threat to BJ's market share and potentially limiting its growth in existing regions due to market saturation.
3. Supply Chain Disruptions and Dependence on Vendor Relationships: BJ's relies heavily on its vendor relationships and an efficient supply chain to provide merchandise at competitive prices. The company is vulnerable to global supply chain disruptions, including issues like tariffs, exchange rate fluctuations, and logistical challenges, which can lead to increased sourcing costs, inventory shortages, and negatively affect its ability to offer value to its members. Disruptions in these relationships or the supply chain could directly impact inventory levels and sales.

For BJ's Wholesale Club, the addressable markets for their main products and services are as follows:

• Perishable Goods: Null
• General Merchandise: The North American General Merchandise Market is estimated to be between approximately $1.57 trillion and $1.76 trillion in 2026.
• Gasoline: The USA gas station market was valued at $135 billion.
• Warehouse Club (overall business model): The combined annual sales for major warehouse clubs in the U.S., including BJ's Wholesale Club, Costco, Sam's Club, and PriceSmart, is over $431 billion for fiscal year 2025.

Share Repurchases

• BJ's Wholesale Club utilized its entire $500.0 million share repurchase program, initiated in fiscal 2021, by the fourth quarter of fiscal 2024 (ended February 1, 2025).
• In fiscal 2024 (ended February 1, 2025), the company repurchased 2,181,885 shares of common stock, totaling $190.9 million.
• In fiscal 2025 (ended February 1, 2026), the company repurchased 2.6 million shares for $252.4 million.
• A new $1.0 billion share repurchase program was approved on November 18, 2024, set to expire in January 2029, with approximately $750 million remaining under this authorization at the end of fiscal 2025.

Capital Expenditures

• Capital expenditures, reflecting net cash used in investing activities, were $589.6 million in fiscal year 2024 (ended February 1, 2025).
• Capital expenditures increased to $702.3 million in fiscal year 2025 (ended February 1, 2026), primarily driven by investments in new clubs and expanded supply chain capabilities.
• For fiscal year 2026, capital expenditures are anticipated to be approximately $800 million, with a primary focus on new club openings (25 to 30 new clubs over fiscal years 2025 and 2026), distribution network enhancements, and digital transformation initiatives.