BJ’s Wholesale Club, Inc. (BJ) today reported net income of $28.2 million, or $0.48 per diluted share, for the third quarter of 2008, compared to net income of $22.7 million, or $0.35 per diluted share, for the third quarter of 2007. Results for the third quarter of 2008 included post-tax expense of $0.5 million, or $0.01 per diluted share, related to the closing of the Company’s Greenville, South Carolina, club, which is reported as discontinued operations. On November 6, 2008, the Company increased its earnings guidance for the third quarter of 2008 to a range of $0.45 to $0.49 per diluted share. The Company’s original guidance for the third quarter of 2008, announced on August 20, 2008, was $0.36 to $0.40 per diluted share.

Results for the third quarter ended November 1, 2008 reflected a number of unplanned income and expense items which resulted in a net benefit of approximately $0.10 per diluted share. Gasoline income for the third quarter exceeded plan by approximately $0.17 per share, due primarily to unprecedented market conditions which resulted in unusually strong gasoline sales and profits. Unplanned expenses related to severance costs and an adjustment to the Company’s reserve for state sales tax audits were worth approximately $0.04 per share in total. In addition, expenses for higher than planned bonus accruals, triggered by earnings that were above plan, were worth approximately $0.03 per diluted share.

For the first nine months of 2008, net income was $81.9 million, or $1.38 per diluted share, compared to net income of $72.6 million, or $1.11 per diluted share, for the first nine months of 2007.

For the full year 2008, the Company now expects to report net income of $131 to $135 million, or $2.20 to $2.30 per diluted share. Previous guidance for 2008, given on August 20, 2008, was for net income of $124 to $130 million, or $2.10 to $2.20 per diluted share.

The Company also announced preliminary earnings guidance for next year. For the year ending January 30, 2010, the Company expects to report net income of $129 to $136 million, or $2.27 to $2.39 per diluted share.

Net sales for the third quarter of 2008 were approximately $2.4 billion, an increase of 13.4% over the third quarter of 2007. Net sales for the first nine months of 2008 increased by 14.7% over the first nine months of 2007.

Comparable club sales for both periods were as follows:

During the third quarter, the Company repurchased 0.7 million shares of BJ’s common stock at an average cost of $35.14 per share, or approximately $25.9 million in the aggregate. Year-to-date, the Company has repurchased approximately 3.1 million shares of BJ’s common stock at an average cost of $35.26 per share, or approximately $109.1 million. At the end of the third quarter, the Company had approximately $266 million remaining under its buyback authorization.

BJ’s introduced the wholesale club concept to New England in 1984, and has since expanded to become a leading warehouse chain in the eastern United States. The Company currently operates 177 clubs in 15 states. BJ’s press releases and filings with the SEC are available on the Internet at www.bjs.com.

Conference Call on Third Quarter Financial Results

As previously announced, BJ’s management will hold a conference call to discuss the third quarter financial results and management’s outlook for the rest of the year and 2009 today at 8:30 a.m. Eastern Time. To access the webcast (including financial and other statistical information being presented, as well as reconciliation information with respect to non-GAAP financial measures), visit www.bjsinvestor.com/medialist.cfm to hear the call live, or listen to an archive of the call, which will be available for approximately 90 days following the call.

Fourth Quarter and Fiscal Year-End Results

On Wednesday, March 4, 2009, BJ’s management plans to report the Company’s results for the fourth quarter and fiscal year ending on January 31, 2009.

Forward-Looking Statements

Statements contained in this press release that are not purely historical, including earnings guidance and comparable club sales guidance, 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, competitive conditions, success in settling lease obligations for closed clubs and credit and debit card claims, and other factors discussed in the Company’s Annual Report on SEC Form 10-K for the fiscal year ended February 2, 2008 and subsequent quarterly reports on SEC Form 10-Q for the fiscal year ending January 31, 2009. Any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimate 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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