Analyst Report: BJ's Wholesale Club Hldg Inc

Argus

•

Jun 12, 2026

Summary

BJ's Wholesale Club Holdings owns BJ's Wholesale Club, which operates a concatenation of warehouse clubs successful the Eastern U.S. BJ's positions itself betwixt accepted market stores and warehouses similar Sam's Club and Costco. It offers a wider scope of items and smaller battalion sizes than Costco and Sam's and prices that purpose to beryllium astir 25% little than market stores. The institution posted full gross of $21.5 cardinal successful FY26, which ended connected January 31, 2026. FY26 income from rank fees represented 2.3% of full gross and 61% of operating income. The institution sells name-brand merchandise and nutrient to implicit 8 cardinal members, who are tiny concern owners and consumers. Based successful Westborough, Massachusetts, the institution besides offers specialty services, including tyre installation and optical services.

At the extremity of fiscal 4Q26, the institution operated 263 BJ's clubs and 199 state stations successful 21 states. More than fractional of the clubs are successful 4 states: New York, Florida, Massachusetts, and New Jersey. About 23% of FY26 income were generated successful the New York City metro country (down from 25% successful FY21 and FY20). Clubs scope from 44,000 to 177,000 quadrate feet. BJ's sells a comparatively constrictive assortment of astir 7,000 SKUs, which it has discussed trimming to astir 6,000 to amended inventory turnover.

Groceries represented 72% of the company's FY26 nett income (71% successful FY25, 70% successful FY24, 67% successful FY23, 71% successful FY22); wide merchandise and services accounted for 11% successful FY26, FY25, and FY24, 12% successful FY23, and 14% successful FY22. Gasoline roseate to 21% successful FY23 from 15% successful FY22 and 9% successful FY21. Gas was 19% of income successful FY24, 18% successful FY25, and 17% successful FY26.

A predecessor company, BJ's Wholesale Club, traded arsenic a nationalist institution until it was acquired connected September 30, 20

Chris Graja, CFA

Senior Analyst: Retail

Chris covers the Consumer assemblage for Argus. He was the #1 Stock Picker successful the Household Durables sector, winning the 2019 StarMine U.S. Analyst grant from Refinitiv. He was the #1 Stock Picker successful Food and Staples Retailing, winning back-to-back U.S. Analyst Awards successful 2015 and 2016. He received a prestigious Volunteer of the Year grant from the New York Society of Security Analysts successful 2000. Prior to Argus, Chris spent 16 years astatine Bloomberg Financial Markets. He was the Director of Training and a Senior Researcher for Bloomberg’s probe part earlier joining the caller Bloomberg mag arsenic Technical Studies Editor successful 1993. He roseate to Executive Markets Editor of the publishing group. Chris co-authored the publication “Investing successful Small-Cap Stocks,” which was published successful 3 U.S. editions, an audio book, and 2 Chinese editions. Chris earned an MBA from Rutgers University. He is simply a CFA charterholder.