BJ's Wholesale Club Announces First Quarter Earnings

Business Wire, May 21, 2008

Company Updates 2008 Earnings Guidance

NATICK, Mass. -- BJ's Wholesale Club, Inc. (NYSE: BJ) today reported net income for the first quarter of 2008 of $17.2 million, or $.29 per diluted share. For the first quarter of 2007, the Company reported net income of $13.7 million, or $.21 per diluted share. Last year's results included income of $0.6 million post-tax, or $.01 per diluted share, in connection with the closing of the Company's in-club pharmacies.

The Company also announced that it expects to report earnings for fiscal 2008 in the range of $2.04 to $2.14 per diluted share, an increase of $0.06 versus prior guidance of $1.98 to $2.08 per diluted share.

Net sales for the first quarter of 2008 increased by 12.3% to $2.26 billion and comparable club sales increased by 9.6%, including a contribution from sales of gasoline of 3.9%. For the first quarter of 2007, net sales increased by 7.5% and comparable club sales increased by 2.3%, including a contribution from sales of gasoline of 1.4%.

During the first quarter, the Company purchased approximately 925,000 shares of BJ's common stock at an average cost of $31.95 per share, or approximately $30 million, leaving approximately $145 million remaining under the current authorization as of May 3, 2008.

Conference Call Information for First Quarter Financial Results

As previously announced, at 8:30 a.m. Eastern Time today, BJ's management plans to hold a conference call to review first quarter results and to discuss its outlook for the remainder of 2008. To access the webcast, visit www.bjsinvestor.com/medialist.cfm to hear the call live, or to listen to an archive of the call, which will be available for approximately ninety days following the call.

About BJ's Wholesale Club

BJ's introduced the wholesale club concept to New England in 1984, and has since expanded to become a leading warehouse club chain in the eastern United States. The Company currently operates 178 BJ's Wholesale Clubs in 16 states. BJ's press releases and filings with the SEC are available on the Internet at www.bjsinvestor.com.

Forward-Looking Statements

Statements contained in this press release, including earnings guidance, that are not purely historical are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements. Factors that may cause or contribute to such differences include, without limitation, levels of gasoline profitability, levels of customer demand, economic and weather conditions, state and local regulation in the Company's markets, and competitive conditions and other factors discussed in the Company's Annual Report on SEC Form 10-K for the fiscal year ended February 2, 2008. Any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change.

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