<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q/A
AMENDMENT NO. 1
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended October 31, 1998
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _________________ to _________________
Commission File Number: 001-13143
BJ's Wholesale Club, Inc.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 04-3360747
- ------------------------------- ------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
One Mercer Road, Natick, Massachusetts 01760
- ---------------------------------------- -------
(Address of principal executive offices) (Zip Code)
(508) 651-7400
----------------------------------------------------
(Registrant's telephone number, including area code)
Not Applicable
----------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding twelve months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. [X] Yes [ ] No
The number of shares of the Registrant's common stock outstanding as of
November 28, 1998: 36,992,984.
<PAGE>
EXPLANATORY NOTE
This Amendment No. 1 on Quarterly Report on Form 10-Q/A of BJ's Wholesale
Club, Inc. amends and restates Part II, Item 6 of the Registrant's Quarterly
Report on Form 10-Q for the quarter ended October 31, 1998 (File No. 001-13143).
Item 6. Exhibits and Reports on Form 8-K
--------------------------------
(a) Exhibits
The exhibits listed in the Exhibit Index immediately preceding such
exhibits are filed as part of or are included in this report.
(b) Reports on Form 8-K
The Company did not file any reports on Form 8-K with the Securities
and Exchange Commission during the quarter ended October 31, 1998.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
BJ'S WHOLESALE CLUB, INC.
Date: April 20, 1999 /s/ John J. Nugent
--------------------------------------
John J. Nugent
President and Chief
Executive Officer
(Principal Executive Officer)
Date: April 20, 1999 /s/ Frank D. Forward
--------------------------------------
Frank D. Forward
Executive Vice President and
Chief Financial Officer
(Principal Financial and
Accounting Officer)
<PAGE>
EXHIBIT INDEX
-------------
Exhibit
No. Description
- -------- -----------
18 Letter re: Change in Accounting Principles
27.1 Restated Financial Data Schedule for the three months ended May 2,
1998
27.2 Restated Financial Data Schedule for the six months ended August 1,
1998
27.3 Financial Data Schedule for the nine months ended October 31, 1998 is
incorporated by reference to the Company's Quarterly Report on Form
10-Q for the quarter ended October 31, 1998 (Commission File No. 001-
13143)
<PAGE>
Exhibit 18
BJ's Wholesale Club, Inc.
One Mercer Road
Natick, MA 01760
We are providing this letter to you for inclusion as an exhibit to your Form
10-Q filing pursuant to Item 601 of Regulation S-K.
We have read management's justification for the change in accounting for
membership fee income from recognition upon receipt to recognition over the life
of the membership contained in the Company's Form 10-Q for the quarter ended
October 31, 1998. Based on our reading of the data and discussions with Company
officials about the business judgement and business planning factors relating to
the change, we believe management's justification to be reasonable. Accordingly,
we concur that the newly adopted accounting principle described above is
preferable in the Company's circumstances to the method previously applied.
We have not audited any financial statements of BJ's Wholesale Club, Inc. as of
any date or for any period subsequent to January 31, 1998, nor have we audited
the application of the change in accounting principle disclosed in Form 10-Q of
BJ's Wholesale Club, Inc. for the three months ended October 31, 1998;
accordingly, our comments are subject to revision on completion of an audit of
the financial statements that include the accounting change.
/s/ PRICEWATERHOUSE COOPERS LLP
December 11, 1998
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BJ'S
WHOLESALE CLUB, INC. CONSOLIDATED STATEMENTS OF INCOME AND CONSOLIDATED BALANCE
SHEETS FILED WITH THE FORM 10-Q FOR THE QUARTER ENDED MAY 2, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JAN-30-1999
<PERIOD-END> MAY-2-1998
<CASH> 8,227
<SECURITIES> 95
<RECEIVABLES> 28,274
<ALLOWANCES> 0
<INVENTORY> 343,434
<CURRENT-ASSETS> 396,884
<PP&E> 550,818
<DEPRECIATION> 149,090
<TOTAL-ASSETS> 808,991
<CURRENT-LIABILITIES> 287,658
<BONDS> 39,387
0
0
<COMMON> 377
<OTHER-SE> 440,403
<TOTAL-LIABILITY-AND-EQUITY> 808,991
<SALES> 754,752
<TOTAL-REVENUES> 772,228
<CGS> 693,579
<TOTAL-COSTS> 693,579
<OTHER-EXPENSES> 64,014
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 132
<INCOME-PRETAX> 14,503
<INCOME-TAX> 5,656
<INCOME-CONTINUING> 8,847
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> (19,326)
<NET-INCOME> (10,479)
<EPS-PRIMARY> (0.28)
<EPS-DILUTED> (0.27)
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BJ'S
WHOLESALE CLUB, INC. CONSOLIDATED STATEMENTS OF INCOME AND CONSOLIDATED BALANCE
SHEETS FILED WITH THE FORM 10-Q FOR THE QUARTER ENDED AUGUST 1, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-30-1999
<PERIOD-END> AUG-1-1998
<CASH> 9,361
<SECURITIES> 97
<RECEIVABLES> 33,905
<ALLOWANCES> 0
<INVENTORY> 350,562
<CURRENT-ASSETS> 410,981
<PP&E> 563,725
<DEPRECIATION> 158,770
<TOTAL-ASSETS> 826,420
<CURRENT-LIABILITIES> 307,555
<BONDS> 14,643
0
0
<COMMON> 377
<OTHER-SE> 462,330
<TOTAL-LIABILITY-AND-EQUITY> 826,420
<SALES> 1,614,351
<TOTAL-REVENUES> 1,649,918
<CGS> 1,475,258
<TOTAL-COSTS> 1,475,258
<OTHER-EXPENSES> 126,175
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> (220)
<INCOME-PRETAX> 48,705
<INCOME-TAX> 18,995
<INCOME-CONTINUING> 29,710
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> (19,326)
<NET-INCOME> 10,384
<EPS-PRIMARY> 0.28
<EPS-DILUTED> 0.27
</TABLE>
