NYSE: BJ

Our goal is to offer our members significant value and a meaningful return in savings on their annual membership fee. We have over 8 million members paying annual fees to gain access to savings on groceries, general merchandise, services, and gasoline. The annual membership fee for our Club membership is generally $60 and the annual membership fee for our Club+ membership, which offers additional value-enhancing features, is generally $120. Prior to January 1, 2025, the Club and Club+ membership fees were $55 and $110 per year, respectively. We believe that members can save over ten times their $60 Club membership fee versus what they would otherwise pay at traditional supermarket competitors when they spend $2,500 or more per year at BJ’s on manufacturer-branded groceries. In addition to providing significant savings on a representative basket of manufacturer-branded groceries, we accept all manufacturer coupons and also carry our own exclusive brands that enable members to save on price without compromising on quality. Our two private label brands, Wellsley Farms® and Berkley Jensen®, represent approximately 27% of our total net sales, excluding gasoline. Our customers recognize the relevance of our value proposition across economic environments, as demonstrated by over 25 consecutive years of membership fee income growth. Our membership fee income was $499.8 million for fiscal year 2025.

Industry Overview

Warehouse clubs offer a relatively narrow assortment of food and general merchandise items within a wide range of product categories. In order to achieve high sales volumes and rapid inventory turnover, merchandise selections are generally limited to items that are brand name leaders in their categories, alongside an assortment of private label brands. Since warehouse clubs sell a diversified selection of product categories, they attract customers from a wide range of other wholesale and retail distribution channels, such as supermarkets, supercenters, online retailers, gasoline stations, hard discounters, department and specialty stores, and operators selling a single category or narrow range of merchandise. Traditionally, these higher cost distribution channels have been unable to match the value proposition offered by warehouse clubs over extended periods of time.

Warehouse clubs eliminate, or significantly reduce, many of the merchandise handling costs associated with traditional multiple-step distribution channels, such as distributors’ commissions and the cost of storing merchandise in central distribution facilities, by purchasing large quantities of merchandise directly from manufacturers and storing merchandise on the sales floor. The operation of no-frills, self-service warehouse facilities creates freight volume and handling efficiencies, allowing for operating costs which are substantially below those of traditional retailers. Because of their higher sales volumes and rapid inventory turnover, warehouse clubs generate cash from the sale of a large portion of their inventory before they are required to pay merchandise vendors. As a result, much of the inventory is financed through vendor payment terms rather than working capital. Two broad groups of customers, individual households and small businesses, have been attracted to the savings made possible by the high sales volumes and operating efficiencies achieved by warehouse clubs. Customers at warehouse clubs are generally limited to members who pay an annual fee.

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Our Clubs

As of January 31, 2026, we operated 263 clubs ranging in size from 44,000 square feet to 177,000 square feet. We aim to build our large format clubs in locations with high density and high traffic, which are visible to and convenient for our members. We design our smaller format clubs to serve markets with a population that is likely insufficient to support a large format club, or in locations where there is inadequate real estate space for a large format club, such as urban areas. Including space for parking, the amount of land required to develop a BJ’s club generally ranges from ten acres to fourteen acres. Our clubs are located in both free-standing locations and shopping centers.

Our ability to achieve profitable operations depends upon high sales volumes and the efficient operation of our warehouse clubs. We procure most of our merchandise directly from manufacturers and route it to distribution centers or directly to our clubs. Our Company-operated distribution centers receive large shipments from manufacturers and quickly ship these goods to individual clubs, generally within 24 hours. We work closely with manufacturers to minimize the amount of handling required once merchandise is received at a club. Merchandise for sale is generally displayed on pallets containing large quantities of each item, thereby reducing the labor required for handling, stocking, and restocking. Back-up merchandise is generally stored in steel racks above the sales floor.

A summary of our club locations by state as of January 31, 2026 is set forth in the table below:

MarketClub Count

New York50

Florida43

Massachusetts26

New Jersey24

Pennsylvania19

Virginia14

Connecticut13

Maryland12

North Carolina11

Ohio8

Georgia7

New Hampshire7

Tennessee6

Michigan5

Delaware4

Rhode Island4

Maine3

South Carolina3

Indiana2

Alabama1

Kentucky1

Segments

Our operations are primarily retail club and other sales procured from clubs and distribution centers, representing one operating segment. All of our identifiable assets are located in the United States. We do not have significant sales outside of the United States, nor does any customer represent more than 10% of total revenues for any period presented.

Merchandising

We service our existing members and attract new members by providing a broad range of high quality, brand name and private label merchandise at prices that are consistently lower than traditional retailers, including discount retailers, supermarkets, supercenters, and specialty retail operations. We limit the items offered in each product line to fast-selling styles, sizes and colors. We may add additional temporary merchandise offerings from time to time to keep up with demand. We work

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closely with manufacturers to develop packaging and sizes that are best suited for selling through the warehouse club format in order to minimize handling costs and ensure value to our members.

We group our merchandise offerings into two divisions: perishables, grocery and sundries, and general merchandise and services.

•Perishables, grocery, and sundries: consists of our meat, produce, dairy, bakery, deli and frozen products, packaged foods, beverages, household goods and household cleaning products, beauty care, adult and baby care and pet foods, which constituted approximately 87% of our merchandise sales for fiscal year 2025.

•General merchandise and services: consists of electronics, apparel, seasonal goods, small appliances, televisions, furniture, optical, tires, third-party gift cards, and other revenues, which constituted approximately 13% of our merchandise sales for fiscal year 2025.

BJ’s consumer-focused private label products, sold under Wellsley Farms® and Berkley Jensen® brands, comprised approximately 27% of our total net sales, excluding gasoline, in fiscal year 2025. These products are generally premium quality, and priced below the brand name comparable product. We balance our focus on promoting a group of core private label products that yield higher margins and compete with national brands with large market share, while also offering differentiated products that drive member loyalty.

We also provide a number of specialty services that enable members to complete more of their shopping at our clubs and to encourage more frequent trips. Many of these services are provided by outside operators under a license arranged by BJ’s. Specialty services include full-service optical centers; tire installation services; propane tank filling service; home improvement services; travel services; cell phone kiosks; and product protection plans.

As of January 31, 2026, we had 199 gasoline stations in operation at or near our clubs. The gas stations are primarily self-service. We generally maintain our gas prices below the average retail price in each respective market as a means of illustrating a favorable price image to existing and prospective members.

Digital Offerings

We have built a robust digital portfolio which includes BJs.com and the BJ’s mobile app. We have made it easier for members to purchase, review products, digitally add coupons to their membership card, and view annual membership savings. BJs.com showcases our club assortment available to members along with product review ratings and coupons for added savings. The above digital portfolio offers our members convenient ways to shop, including our BOPIC service, curbside delivery, same-day delivery, or traditional ship-to-home service. Our app delivers personalized promotions, improved shopping experiences, and an efficient gateway to our fulfillment options. Our members appreciate the convenience of the BJ’s mobile app, as evidenced by the millions of downloads since inception in fiscal year 2019, as well as the usage of ExpressPay®, which allows members to skip checkout lines when they shop in club and pay via their mobile devices. BJ’s Media Edge™, which launched in fiscal year 2022, is our retail media program that offers brands a comprehensive advertising solution to connect with BJ’s members.

Membership

Paid membership is an essential element of the warehouse club concept. In addition to providing a source of revenue which permits us to offer low prices, membership reinforces customer loyalty. We have a large base of more than 8 million paid memberships as of January 31, 2026. Our target customers care about value, quality and convenience and shop at warehouse clubs for their family needs. Our target customers are a price sensitive demographic with large household sizes, representing the largest segment of warehouse club shoppers in BJ’s trade areas.

We offer Club and Club+ memberships to both individuals and businesses, which allow customers to shop in the Company’s clubs, on bjs.com, in the BJ’s mobile app, and to purchase gasoline at our gas stations for the duration of the membership, which is generally 12 months. In addition, members have access to other ancillary services, coupons, and promotions. The annual membership fee for our Club membership is generally $60 and the annual membership fee for our Club+ membership, which offers additional value-enhancing features, is generally $120. Prior to January 1, 2025, the Club and Club+ membership fees were $55 and $110 per year, respectively. The Club and Club+ memberships include one free supplemental membership, and allow members to purchase up to three additional supplemental memberships for $35 each. Business members may purchase up to eight additional supplemental memberships for $35 each. Additionally, U.S. military personnel, first responders, educators, and certain other individuals making a difference in our communities may enroll at a BJ’s club location for a reduced membership fee.

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The Club+ program, which is our higher tier membership, allows participating members to earn 2% cash back, up to a maximum of $500 per year, on qualified purchases made in BJ’s clubs, on bjs.com, or in the BJ’s mobile app, a 5-cent per gallon discount at BJ’s gas locations, and two free same-day deliveries. We also offer our co-branded credit card program, known as the BJ's One and BJ's One+ program, which allows cardholders the opportunity to earn up to 5% cash back on purchases made in BJ’s clubs, on bjs.com, or in the BJ’s mobile app, and up to a 15-cent per gallon discount on gasoline when paying with a BJ's One or BJ's One+ Mastercard® at our BJ’s gas locations. BJ’s One+ Mastercard cardholders also receive two free same-day deliveries if such benefit has not already been received under the Club+ program. In fiscal year 2025, Club+ members and co-branded Mastercard® members accounted for 42% of members and 52% of merchandise spend (excluding gas and membership fee income), compared to 39% of members and 50% of merchandise spend (excluding gas and membership fee income) in fiscal year 2024.

Advertising and Public Relations

We promote customer awareness of our clubs primarily through social media, direct mail, public relations efforts, radio advertising, community involvement, new club marketing programs and various publications sent to our members periodically throughout the year. These methods result in lower marketing expenses compared to typical retailers.

Competition

We compete with a wide range of national, regional and local retailers and wholesalers selling food and/or general merchandise in our markets, including supermarkets, supercenters, online retailers, general merchandise chains, specialty chains, gasoline stations and other warehouse clubs, some of which have significantly greater financial and marketing resources than BJ’s. Major competitors that operate warehouse clubs include Costco Wholesale Corporation and Sam’s Clubs (a division of Wal-Mart Stores, Inc.), both of which operate on a multi-national basis.

We believe price is the major competitive factor in the markets in which we compete. Other competitive factors include club location, merchandise selection, member services, and name recognition. We believe our efficient, low-cost form of distribution gives us a significant competitive advantage over more traditional channels of retail distribution and provides a worthwhile value proposition to our members.

Intellectual Property

We believe that, to varying degrees, our trademarks, trade names, copyrights, proprietary processes, trade secrets, patents, trade dress, domain names and similar intellectual property add significant value to our business and are important to our success. We have invested significantly in the development and protection of our well-recognized brands, including our private label brands, Wellsley Farms® and Berkley Jensen®. We believe that products sold under our private label brands are high quality, offered to our members at prices that are generally lower than those for comparable national brand products, differentiate our merchandise offerings from other retailers, and generally earn higher margins. We expect to continue to increase the sales penetration of our private label items.

We rely on trademark and copyright laws, trade-secret protection, and confidentiality, license and other agreements with our suppliers, employees and others to protect our intellectual property rights. However, trademarks are generally valid and may be renewed indefinitely as long as they are in use and their registrations are properly maintained.

Government Regulation

Compliance with various governmental regulations has an impact on our business, including our capital expenditures, earnings, and competitive position, which can be material. We incur costs to monitor, and take actions to comply with, governmental regulations that are applicable to our business, which include, among others, federal securities laws and regulations, applicable to exchange requirements, labor and employment laws, laws governing truth-in-advertising, privacy laws, environmental laws, safety regulations and other laws, including consumer protection regulations that regulate retailers and govern the promotion and sale of merchandise and the operation of clubs, warehouses and Company-operated distribution center facilities.

Our clubs are also subject to various local, state and federal laws, regulations and administrative practices affecting our business. We must comply with provisions regulating health and sanitation standards, food labeling, equal employment, minimum wages, environmental protection, licensing for the sale of food and, in many clubs, licensing for beer and wine or other alcoholic beverages. Our operations, including the manufacturing, processing, formulating, packaging, labeling and advertising of products are subject to regulation by various federal agencies, including the Food and Drug Administration (the “FDA”), the Federal Trade Commission (the “FTC”), the U.S. Department of Agriculture (the “USDA”), the Consumer Product

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Safety Commission (the “CPSC”) and the Environmental Protection Agency (the “EPA”). We rely on contractual provisions to ensure compliance by our vendors.

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