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BJ's Wholesale Club

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BJ's Wholesale Club Holdings, Inc.
Company typePublic
IndustryRetailing (Warehouse club)
FoundedFebruary 6, 1984; 40 years ago (1984-02-06)
Headquarters350 Campus Drive,
Marlborough, Massachusetts
,
United States
Number of locations
229 (150 gas stations) as of March 22, 2021
Area served
Key people
Bob Eddy (CEO)[1]
ProductsElectronics, Home, Furniture, Outdoor, Sporting Goods, Toys, Jewelry, Clothing, Health and Beauty, Grocery.
RevenueIncrease US$19.315 billion (FY 2022)
Increase US$513 million (FY 2022)
Total assetsIncrease US$6.349 billion (2022)
Number of employees
34,000 (Jan. 2022)
WebsiteBJs.com
Footnotes / references
[2]

BJ's Wholesale Club Holdings, Inc., commonly referred as BJ's, is an American regional membership-only warehouse club chain based in Marlborough, Massachusetts, operating in the eastern United States in addition to Ohio, Michigan, Indiana, and Tennessee, and Alabama.[2]

History

[edit]

The company was started by discount department store chain Zayre in 1984, on the Medford/Malden border in Massachusetts. The company's name was derived from the initials of Beverly Jean Weich, the daughter of Mervyn Weich, the president of the new company.[3][4] Weich announced his resignation as president in June 1987, and left on August 1.[5] He was replaced by John Levy.[6]

When Zayre Corporation sold the Zayre nameplate to rival discount chain Ames in October 1988, TJX Companies was formed. In 1989, TJX spun off their warehouse division, consisting of BJ's and now-defunct HomeClub (later known as HomeBase, then House2Home), to form Waban, Inc. In August 1997, Waban spun off BJ's to become an independent company, BJ's Wholesale Club, Inc., headquartered in Natick, Massachusetts, while Waban renamed itself to HomeBase, Inc.[7]

In 2011, BJ's was acquired by two private equity firms, Leonard Green & Partners and CVC Capital Partners.[8] It returned to being a public company in 2018.[9]

In 2019, BJ's expanded into Michigan, with a new store in Madison Heights. A second and a third Michigan location have since opened in Taylor and Chesterfield Township, respectively. BJ's has also since opened a location in Canton.

Today

[edit]
BJ's Wholesale Club in Virginia

Many of BJ's clubs offer special services to members, such as car rentals, gas stations, home heating oil, an optical department, propane filling, and vacation packages. These services vary from location to location. As of 2008, there were 154 clubs with optical departments.[citation needed] As of January 30, 2010 BJ's operated 104 gasoline stations at their clubs.[2] In February 2007, BJ's closed all pharmacies in its clubs.[10]

In March 2010, BJ's announced they would move their corporate headquarters from Natick to Westborough, Massachusetts in 2011.[2][11] On January 5, 2011, BJ's announced it would close five underperforming stores in the Southeast, eliminate approximately 100 headquarters jobs by the end of the month, and restructure its home office and some field operations. Its restructuring moves would result in savings of 78 to 82 cents per share for its fiscal fourth quarter.[12][13]

On December 19, 2019, BJ's named Lee Delaney as its next CEO starting February 2, 2020. Delaney had been an executive vice president and chief growth officer of the company since 2016. Then CEO Chris Baldwin became executive chairman.[14] Following Delaney's death on April 8, 2021, BJ's financial chief Bob Eddy took over as interim CEO.[1] On April 20, 2021, Bob Eddy’s interim status was removed and he was given the permanent CEO position.[15]

In November 2021, BJ’s announced plans for its first store in Tennessee, to be located in La Vergne, a suburb of Nashville.[16] The store opened on June 14, 2023. The company has announced plans for at least two additional stores in the Nashville market, with confirmed locations being added in Goodlettsville[17] and Mt. Juliet.[18]

As of September 2024, BJ's operates 263 BJ's clubs in 21 states and employed approximately 25,000 team members (both full- and part-time).[19] Its major competitors are Costco Wholesale and Sam's Club.

Locations

[edit]
Map of BJ's locations as of May 2022.

As of September 2024, BJ's has 263 locations across 21 states:[20] BJ's utilizes three cross-dock distribution centers along with third-party warehouse space when extra storage is needed.[2]

Finances

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For the fiscal year 2023, BJ's reported earnings of $523.741 million, with an annual revenue of $19.968 billion.[21]

Year Revenue

in thou. US$

Net income

in thou. US$

Price per Share

in US$ (year end)[22]

Warehouses Employees Ref(s)
2014 12,731,270 19,013 - 207 [23]
2015 12,467,553 24,104 - 213 [23]
2016 12,350,537 44,224 - 214 [23]
2017 12,754,589 50,301 - 215 [23]
2018 13,007,347 127,261 - 216 26,383 [23]
2019 13,190,707 187,176 22.74 217 27,231 [24]
2020 15,430,017 421,030 37.28 221 32,000 [25]
2021 16,667,302 426,652 66.97 34,000 [26]
2022 19,315,165 513,177 66.16 34,000 [27]
2023 19,968,689 523,741 66.66 34,000 [21]

On May 17th, 2018, BJ's filed to return to the public market.[28] The shares opened at $21.25; in its IPO, BJ's sold 37.5 million shares, raising net proceeds of $637.5 million.[29]

Brands

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BJ's Wholesale Club regularly markets numerous products under its own private labels—including products by Richelieu Foods.[30] It also sells BJ's private-label products, including non-food general merchandise and sundries items, under the Berkley-Jensen name (formerly 'Berkley & Jensen').[31]

References

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  1. ^ a b "BJ's Wholesale Club CEO Lee Delaney dies unexpectedly". CNBC. April 9, 2021. Retrieved April 9, 2021.
  2. ^ a b c d e "BJ's Form 10-K Annual Report". March 25, 2010. Archived from the original on March 5, 2012.
  3. ^ BJ's Wholesale Club, Inc. Club Member Team Guide. July 2010. p. 6.
  4. ^ "BJ's Wholesale Club, Inc". Gale Directory of Company Histories. The Gale Group, Inc. 2006. Retrieved September 24, 2013.
  5. ^ "BJ's president, Weich, to resign; 2nd top-level departure in major Zayre retail unit in June". HFD-The Weekly Home Furnishings Newspaper. July 13, 1987. Retrieved September 24, 2013.
  6. ^ "BJ's Wholesale Club, Inc". Hoover's Inc. Retrieved September 24, 2013.
  7. ^ Smith, Samantha (August 11, 1997). "Spin off of BJ's Wholesale Club draws praise from industry analysts". Boston Business Journal. Retrieved September 24, 2013.
  8. ^ "BJ's Wholesale Club buyout completed". The Boston Globe. Associated Press. September 30, 2011. Archived from the original on December 5, 2011. Retrieved December 19, 2011.
  9. ^ Linnane, Tonya Garcia, Ciara. "BJ's Wholesale returns to the public market: 6 things to know about the Costco rival". MarketWatch. Retrieved September 2, 2018.{{cite web}}: CS1 maint: multiple names: authors list (link)
  10. ^ "BJ's Wholesale FAQs". Archived from the original on April 12, 2010.
  11. ^ Jenn Abelson (March 25, 2010). "BJ's confirms '11 Westborough move". The Boston Globe. Retrieved March 27, 2010.
  12. ^ Matt Egan (January 5, 2011). "BJ's Sales Fall Short; Store Closings Planned". FOX Business. Archived from the original on January 9, 2011.
  13. ^ Karen Talley and Lauren Pollock (January 5, 2011). "BJ's Wholesale Closing Five Stores". My Fox New York. Retrieved January 12, 2011.
  14. ^ Owens, Jeremy C. "BJ's Wholesale Club names new chief executive". MarketWatch. Retrieved December 20, 2019.
  15. ^ "BJ's has a new president and ceo". Boston Globe. April 20, 2021. Retrieved April 20, 2021.
  16. ^ Jorge, Kaylin (November 4, 2021). "BJ's submits plans to open store in Middle Tennessee, first location in the state". Fox17. Retrieved November 4, 2021.
  17. ^ McCullough, Erin (April 28, 2023). "BJ's Wholesale Club 'another piece of the puzzle' for future Goodlettsville development, city leaders say". WKRN.com. Retrieved June 19, 2023.
  18. ^ "BJ's Wholesale Club Announces the Addition of Five New Club Openings for 2023, Including Expansion into its 20th State". March 9, 2023. Retrieved June 19, 2023.
  19. ^ "Company Background". BJ's Wholesale Club. Retrieved September 4, 2024.
  20. ^ "Club Locator - All Clubs". BJ's Wholesale Club. Retrieved September 4, 2024.
  21. ^ a b "2023 Annual Report" (PDF). Retrieved September 4, 2024.
  22. ^ "BJ's Wholesale Club Holdings - 6 Year Stock Price History | BJ". www.macrotrends.net. Retrieved September 4, 2024.
  23. ^ a b c d e "2018 Annual Report and Stockholder Letter" (PDF). Retrieved September 4, 2024.
  24. ^ "2018 Annual Report and Stockholder Letter" (PDF). Retrieved September 4, 2024.
  25. ^ "2020 Annual Financial Report and Stockholder Letter" (PDF). Retrieved September 4, 2024.
  26. ^ "2021 Annual Financial Report and Shareholder Letter" (PDF). Retrieved September 4, 2024.
  27. ^ "2022 Annual Financial Report and Shareholder Letter" (PDF). Retrieved September 4, 2024.
  28. ^ "BJ's Wholesale files to return to public market". Yahoo Finance. Reuters. May 17, 2018. Retrieved September 4, 2024.
  29. ^ "BJ's Wholesale Club shares shine in return to public market". CNBC. Reuters. June 28, 2018. Retrieved September 4, 2024.
  30. ^ Lisa van der Pool (February 23, 2009). "There's new appetite for peddlers of cheap eats". Boston Business Journal.
  31. ^ Plunkett, Jack W. (2008). The Almanac of American Employers 2009. Plunkett Research. p. 192. ISBN 9781593921439. Retrieved January 13, 2015.
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