BJ's Wholesale Club Holdings, Inc. (BJ) SEC Filings & Earnings Calls

Merchandise margin pressure from pricing investments

“Merchandise gross margin rate, which excludes gasoline sales and membership fee income, decreased by approximately 20 basis points compared to the prior year period.” · word for word

Gasoline price volatility

“The market price of gasoline impacts our net sales and comparable club sales, and large fluctuations in the price of gasoline have a short-term impact on our sales and margins.” · word for word

Gross margin pressure from pricing investments

“Merchandise gross margin rate decreased by approximately 20 basis points compared to the second quarter of fiscal 2025, primarily driven by the Company’s continued investments in pricing”

SG&A increase from new club openings and labor costs

“SG&A increased to $851.2 million in the second quarter of fiscal 2026 compared to $786.4 million, primarily driven by increased labor, occupancy, and operational costs mainly as a result of new club and gas station openings.”

Tariff cost pressure

“Merchandise gross margin rate decreased by approximately 10 basis points compared to the first quarter of fiscal year 2025, primarily driven by the Company’s continued investments in pricing, partially offset by tariff refund benefits recognized in the quarter.”

Gasoline price volatility

“The market price of gasoline impacts our net sales and comparable club sales, and large fluctuations in the price of gasoline have a short-term impact on our sales and margins.” · word for word

Inflation/deflation pressure

“Our financial results can be directly impacted by substantial changes in product costs due to commodity cost fluctuations or general inflation, disinflation, or deflation, which could lead to a reduction in our sales, as well as greater margin pressure, as costs may not be able to be passed on to consumers.” · word for word

Tariff input cost pressure partially offset by refund benefits.

“Merchandise gross margin rate decreased by ~10bps due to pricing investments partially offset by tariff refund benefits.”

SG&A increase from labor, occupancy, and operational costs due to new club and gas station openings.

“SG&A increased to $806.0 million, driven by increased labor, occupancy, and operational costs.” · word for word

Tariff cost pressure

“the compensation committee approved further adjustments to adjusted EBITDA to account for tariff impacts that were not reasonably predicable at the time the compensation committee originally approved the targeted achievement levels.” · word for word

Gasoline price volatility

“The market price of gasoline impacts our net sales and comparable club sales, and large fluctuations in the price of gasoline have a short-term impact on our sales and margins.”

Inflation/deflation pressure

“Our financial results can be directly impacted by substantial changes in product costs due to commodity cost fluctuations or general inflation, disinflation, or deflation, which could lead to a reduction in our sales, as well as greater margin pressure, as costs may not be able to be passed on to consumers.”

Labor cost pressure

“If we experience competitive labor markets, either regionally or in general, we may have to increase our wages to attract and retain highly qualified team members, which could increase our selling, general and administrative expenses (“SG&A”) and adversely affect our operating income.” · word for word

Gasoline price volatility

“The impact of gasoline sales is primarily the result of a decrease in retail prices year-over-year, partially offset by an increase in comparable gallons sold” · word for word

Merchandise gross margin rate decreased ~50 bps due to mix shift, indicating potential margin pressure from product mix changes.

“Merchandise gross margin rate decreased by approximately 50 basis points compared to the fourth quarter of fiscal 2024, driven by changes in merchandise mix.”

SG&A increased due to labor, occupancy, and operational costs from new club openings, as well as lapping a prior-year legal settlement benefit.

“SG&A increased to $818.2 million... driven by increased labor, occupancy, and operational costs mainly as a result of new club and gas station openings.” · word for word

Gasoline price volatility

“The market price of gasoline impacts our net sales and comparable club sales, and large fluctuations in the price of gasoline may produce a short-term impact on our sales and margins.” · word for word

Inflation and cost pressure

“Our financial results can be directly impacted by substantial changes in product costs due to commodity cost fluctuations or general inflation, disinflation, or deflation, which could lead to a reduction in our sales, as well as greater margin pressure” · word for word

SG&A increased due to labor and occupancy costs from new club openings and advertising, plus a prior-year legal settlement benefit.

“SG&A increased to $788.2 million... primarily driven by increased labor and occupancy costs as a result of new club and gas station openings, as well as increased advertising costs.” · word for word

Operating income declined 4.8% in Q3 despite revenue growth, indicating margin pressure from cost increases.

“Operating income $218,351 thousand vs $229,383 thousand, a decline of 4.8%”