Inventory Turnover › By Retailer › BJ's Wholesale Club
BJ's Wholesale Club Inventory Turnover: Membership Club Case Study
BJ's Wholesale Club Holdings, Inc. (BJ), the East Coast membership warehouse chain, turned its inventory 11.4x in fiscal year 2025 (52 weeks ended January 31, 2026). That is about 32 days on hand, one of the fastest ratios in US retail, behind only Costco and the fastest grocers and drugstores. All figures are from the company's 10-K filings on SEC EDGAR.
Quick answer: BJ's fiscal 2025 and 2024 10-K inventory turnover ratio
Fiscal year 2025 (10-K)
11.4x for the 52 weeks ended January 31, 2026. $17,457.7M cost of sales over $1,532.25M average inventory ($1,509.0M opening, $1,555.5M closing). About 32 days on hand.
Fiscal year 2024 (10-K)
11.3x for the 52 weeks ended February 1, 2025. $16,737.4M cost of sales over $1,481.9M average inventory. About 32 days on hand.
Turnover = cost of sales / average inventory (mean of opening and closing balance-sheet merchandise inventory). BJ's cost of sales includes gasoline and certain distribution-centre costs. Figures from BJ's 10-K filings on SEC EDGAR (CIK 0001531152), verified 10 November 2026.
Fiscal 2022 - fiscal 2025 turnover history
| Fiscal Year | Cost of Sales | Inv (start) | Inv (end) | Turnover | Days on Hand |
|---|---|---|---|---|---|
| FY2022 (ended Jan 28, 2023) | $15,883.7M | $1,242.9M | $1,378.6M | 12.1x | 30 |
| FY2023 (ended Feb 3, 2024) | $16,326.1M | $1,378.6M | $1,454.8M | 11.5x | 32 |
| FY2024 (ended Feb 1, 2025) | $16,737.4M | $1,454.8M | $1,509.0M | 11.3x | 32 |
| FY2025 (ended Jan 31, 2026) | $17,457.7M | $1,509.0M | $1,555.5M | 11.4x | 32 |
Inventory (start) equals the prior year's inventory (end). BJ's names each fiscal year after the calendar year it mostly covers. Fiscal year 2023 was a 53-week year, which lifts that year's cost of sales slightly.
12.1x · The fastest year in the window. Cost of sales grew 17% on an average inventory that rose only 8%, the widest gap between the two in the window.
11.5x · A 53-week year. Cost of sales grew 3% while average inventory rose 8%, easing turnover to 11.5x.
11.3x · Inventory again grew a little faster than cost of sales, setting the low point of the window at 11.3x.
11.4x · Cost of sales rose 4% and year-end inventory 3%, so turnover ticked back up to 11.4x. Merchandise comparable club sales rose 2.6%.
Why a membership club turns stock so fast
BJ's own 10-K describes the warehouse-club model in inventory terms. Clubs offer a relatively narrow assortment, limited mostly to brand-name category leaders plus private label, “in order to achieve high sales volumes and rapid inventory turnover”. Fewer items, sold in bulk packs off pallets, means each item moves in large volumes.
The mix does the rest. Perishables, grocery and sundries made up about 87% of BJ's merchandise sales in fiscal year 2025: meat, produce, dairy, bakery, packaged food and household basics that members buy every week or two. A store that sells mainly consumables cannot hold months of stock, because much of it would spoil and none of it needs to sit on the shelf to complete a range.
The 10-K also explains why speed matters financially. Because clubs sell a large share of their inventory before they have to pay vendors, much of it is financed through supplier payment terms rather than the company's own working capital. At 32 days on hand, BJ's often collects cash from members before it pays for the goods.
What keeps BJ's above 11x
1. A narrow, high-volume assortment
Clubs carry far fewer items than a supermarket and buy them in large lots. Every item on the floor has to earn its space in volume, so there is little slow-moving stock to drag the average down.
2. A grocery-led mix
About 87% of merchandise sales come from perishables, grocery and sundries. Those categories turn quickly at any retailer, and they are the reason BJ's runs closer to Costco than to a general merchandise discounter.
3. Members who come back on a cycle
BJ's has over 8 million members paying an annual fee (generally $60 for the basic Club membership), and membership fee income reached $499.8M in fiscal year 2025. Paid-up members shop on a regular cycle, which makes demand easier to forecast and stock easier to keep lean.
4. Gasoline in cost of sales
BJ's ran 199 gas stations at the end of fiscal year 2025, and the cost of fuel sold is in cost of sales. Fuel turns in days and holds little inventory, so it lifts the reported ratio somewhat.
Where 11.4x sits among retailers
Latest 10-K inventory turnover, times per year
Each figure is cost of sales over average inventory from the company's latest 10-K. Every retailer here has its own case study; the full ranked list is on the inventory turnover by retailer page.
BJ's sits just behind Costco (13.0x) and well ahead of every general merchandise format. Walmart turned 9.3x and Target 6.0x in their latest fiscal years. Double-digit turnover belongs mostly to the clubs, the grocers and the pharmacy chains; Kroger leads the case studies at 16.3x.
The steady slide from 12.1x to 11.3x over fiscal years 2022 to 2024 came from average inventory growing faster than cost of sales, then fiscal year 2025 recovered slightly. Across four years the ratio has stayed within a 30 to 32 day band. For the full sector view see the warehouse club turnover benchmarks.
Frequently asked questions
What is BJ's Wholesale Club's inventory turnover ratio?
BJ's turned its inventory 11.4x in fiscal year 2025, the 52 weeks ended January 31, 2026. That is $17,457.7M of cost of sales divided by $1,532.25M average merchandise inventory (the mean of the $1,509.0M opening and $1,555.5M closing balances) from its 10-K. It works out to about 32 days of inventory on hand.
Why does BJ's turn inventory more slowly than Costco?
Costco turned its inventory 13.0x in its latest fiscal year against 11.4x at BJ's. Both run the same membership-warehouse model of a narrow assortment sold in bulk, so the gap is one of degree rather than method. Both figures are among the fastest in US retail, and both are several times quicker than a conventional supermarket chain or discount store.
How is BJ's inventory turnover calculated from the 10-K?
Divide cost of sales by average inventory, where average inventory is the mean of the opening and closing merchandise-inventory balances on the consolidated balance sheet. BJ's cost of sales includes the cost of gasoline sold at its clubs and certain distribution-centre costs, and inventory is valued on an average-cost basis. For fiscal year 2025: $17,457.7M / (($1,509.0M + $1,555.5M) / 2) = 11.4x.
Does gasoline inflate BJ's inventory turnover?
It lifts it somewhat. BJ's operated 199 gas stations at the end of fiscal year 2025, and the 10-K says cost of sales includes the direct cost of both merchandise and gasoline. Fuel sells within days of delivery and is held in small quantities, so it adds to cost of sales far more than it adds to the inventory balance. A merchandise-only ratio would be lower than 11.4x, though still well into double digits because groceries and fresh food make up most of what the clubs sell.
Related
Costco Case Study
The club benchmark, at 13.0x.
Warehouse Club Sector
Costco and BJ's side by side.
Kroger Case Study
The fastest large grocer, at 16.3x.
Turnover by Retailer
All 25 retailers ranked.
Days Sales of Inventory
Turn 11.4x into 32 days on hand.
Walmart Case Study
The supercenter comparison, at 9.3x.