7 unchanged sentences
Accordingly, references herein to “fiscal year 2025” relate to the 52 weeks ending January 31, 2026, and references herein to “fiscal year 2024” relate to the 52 weeks ended February 1, 2025.
−Removed: The second quarter of fiscal year 2025 ended on August 2, 2025, and the second quarter of fiscal year 2024 ended on August 3, 2024, and both included thirteen weeks.
+Added: The third quarter of fiscal year 2025 ended on November 1, 2025, and the third quarter of fiscal year 2024 ended on November 2, 2024, and both included thirteen weeks.
BJ’s Wholesale Club is a leading operator of membership warehouse clubs concentrated primarily in the eastern half of the United States.
8 unchanged sentences
Our goal is to offer our members significant value and a meaningful return in savings on their annual membership fee.
−Removed: We have approximately 8 million members p aying annual fees to gain access to savings on groceries, general merchandise, services, and gasoline.
−Removed: The annual membership fee for our Club Card membership is generally $60, and the annual membership fee for our Club+ membership, which offers additional value-enhancing features, is generally $120.
−Removed: Prior to January 1, 2025, the Club Card and Club+ membership fees were $55 and $110 per year, respectively.
−Removed: We believe that members can save over ten times their $60 Club Card 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.
+Added: We have over 8 million members p aying annual fees to gain access to savings on groceries, general merchandise, services, and gasoline.
+Added: 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.
+Added: Prior to January 1, 2025, the Club and Club+ membership fees were $55 and $110 per year, respectively.
+Added: 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.
1 unchanged sentence
Our customers recognize the relevance of our value proposition across economic environments, as demonstrated by over 25 consecutive years of membership fee income growth.
−Removed: Our membership fee income was $475.7 million for the trailing twelve-months ended August 2, 2025.
−Removed: Our business is moderately seasonal in nature.
+Added: Our membership fee income was $487.0 million for the trailing twelve-months ended November 1, 2025.
+Added: Our business is subject to some seasonality.
Historically, our business has realized a slightly higher portion of net sales, operating income, and cash flows from operations in the second and fourth fiscal quarters, attributable primarily to the impact of the summer and year-end holiday season, respectively.
12 unchanged sentences
Therefore, our renewal rate is a trailing calculation that captures renewals during the period seven to eighteen months prior to the reporting date.
−Removed: We have grown our membership fee income each year for over 25 consecutive years and the quality of our membership mix is strong as evidenced by our higher tier penetration growth in the first twenty-six weeks of fiscal year 2025.
+Added: We have grown our membership fee income each year for over 25 consecutive years and the quality of our membership mix is strong as evidenced by our higher tier penetration growth in the first thirty-nine weeks of fiscal year 2025.
Our tenured membership renewal rate, a key indicator of membership engagement, satisfaction and loyalty, was 90% at the end of fiscal year 2024.
9 unchanged sentences
Gasoline prices
−Removed: The market price of gasoline impacts our net sales and comparable club sales, and large fluctuations in the price of gasoline may produce a short-term impact on our margins.
+Added: The market price of gasoline impacts our net sales and comparable club sales, and large fluctuations in the price of gasoline may produce a short-term impact on our sales and margins.
Retail gasoline prices are driven by daily crude oil and wholesale commodity market changes and are volatile, as they are influenced by factors that include changes in demand and supply of oil and refined products, global geopolitical events, regional market conditions, and supply interruptions caused by severe weather conditions.
10 unchanged sentences
The following table summarizes key components of our results of operations for the periods indicated:
−Removed: Statement of Operations Data Thirteen Weeks Ended Twenty-six Weeks Ended
−Removed: (dollars in thousands, except per share amounts) August 2, 2025 August 3, 2024 August 2, 2025 August 3, 2024
+Added: Statement of Operations Data Thirteen Weeks Ended Thirty-nine Weeks Ended
+Added: (dollars in thousands, except per share amounts) November 1, 2025 November 2, 2024 November 1, 2025 November 2, 2024
Net sales $ 5,221,866 $ 4,984,385 $ 15,511,867 $ 14,883,793
33 unchanged sentences
Fluctuations in net sales are impacted by opening new clubs and gas stations and comparable club sales.
−Removed: Net sales for the second quarter of fiscal year 2025 were $5.3 billion, a 3.2% increase from net sales reported for the second quarter of fiscal year 2024 of $5.1 billion.
−Removed: Net sales for the first six months of fiscal year 2025 were $10.3 billion, a 3.9% increase from net sales reported for the first six months of fiscal year 2024 of $9.9 billion.
−Removed: The increase for both comparative periods was due primarily to traffic and unit growth, particularly in the perishables, grocery, and sundries division, as well as a net increase of 11 clubs from the prior year period, partially offset by a decrease in the average retail price-per-gallon of gasoline.
+Added: Net sales for the third quarter of fiscal year 2025 were $5.2 billion, a 4.8% increase from net sales reported for the third quarter of fiscal year 2024 of $5.0 billion.
+Added: Net sales for the first nine months of fiscal year 2025 were $15.5 billion, a 4.2% increase from net sales reported for the first nine months of fiscal year 2024 of $14.9 billion.
+Added: The increase for both comparative periods was due primarily to traffic and unit growth, particularly in the perishables, grocery, and sundries division, as well as a net increase of nine clubs from the prior year period.
+Added: Net sales for the third quarter of fiscal year 2025 were also positively impacted by an increase in comparable gallons of gasoline sold compared to the third quarter of fiscal year 2024, while the increase in net sales for the first nine months of fiscal year 2025 was partially offset by a decrease in the average retail price-per-gallon of gasoline.
Comparable Club Sales and Merchandise Comparable Club Sales
5 unchanged sentences
The higher comparable club sales, the more we can leverage certain of our selling, general and administrative (“SG&A”) expenses, reducing them as a percentage of sales and enhancing profitability.
−Removed: Thirteen Weeks Ended Twenty-six Weeks Ended
−Removed: August 2, 2025 August 2, 2025
+Added: Thirteen Weeks Ended Thirty-nine Weeks Ended
+Added: November 1, 2025 November 1, 2025
Merchandise comparable club sales 1.8 % 2.6 %
−Removed: impact from gasoline sales (2.6) % (2.5) %
+Added: Gasoline comparable sales (0.7) % (1.8) %
Comparable club sales 1.1 % 0.8 %
Merchandise comparable club sales represents comparable club sales from all merchandise other than our gasoline operations for the applicable period.
−Removed: Merchandise comparable club sales increased 2.3% and 3.1% in the second quarter and the first six months of fiscal year 2025, respectively, compared to the same periods in fiscal year 2024, primarily driven by increased sales in the perishables, grocery, and sundries division, partially offset by a decline in sales of general merchandise and services.
−Removed: In the perishables, grocery, and sundries division, growth was led by fresh meat and produce, dairy, candy, and snack categories when compared to the second quarter and the first six months of fiscal year 2024, partially offset by decreased demand for alcohol.
−Removed: General merchandise and services declined in the second quarter and the first six months of fiscal year 2025 compared to the comparative periods in fiscal year 2024 due primarily to decreases in large ticket discretionary items in home and seasonal categories, partially offset by increases in consumer electronics, apparel, and toys.
−Removed: The impact of gasoline sales is primarily a result of a decrease in retail prices year over year for both comparative periods.
−Removed: Comparable gallons sold remained flat in the second quarter of fiscal year 2025 compared to the second quarter of fiscal year 2024, while total gallons sold in the first six months of fiscal year 2025 increased compared to the first six months of fiscal year 2024.
+Added: Merchandise comparable club sales increased 1.8% and 2.6% in the third quarter and the first nine months of fiscal year 2025, respectively, compared to the same periods in fiscal year 2024, primarily driven by increased sales in the perishables, grocery, and sundries division.
+Added: Sales of general merchandise and services also increased during the third quarter of fiscal year 2025, while the first nine months of fiscal year 2025 showed a decline in sales.
+Added: In the perishables, grocery, and sundries division, growth was led by fresh meat and produce, as well as dairy, nutrition, candy, and snack categories when compared to the third quarter and the first nine months of fiscal year 2024.
+Added: Third quarter growth was partially offset by decreased demand for paper and household cleaning products.
+Added: General merchandise and services exhibited growth in the third quarter of fiscal year 2025 compared to the third quarter of fiscal year 2024 due to strength in services despite flat performance in general merchandise categories, while the division showed a slight decline for the first nine months of fiscal year 2025 compared to the same period in the prior year.
+Added: For the third quarter and first nine months of 2025, growth in consumer electronics and apparel was partially offset by headwinds in large ticket discretionary items in home and seasonal categories.
+Added: The impact of gasoline sales is primarily a result of a decrease in retail prices year-over-year for both comparative periods, partially offset by an increase in comparable gallons sold.
Membership fee income
−Removed: Membership fee income was $123.3 million in the second quarter of fiscal year 2025 compared to $113.1 million in the second quarter of fiscal year 2024, a 9.0% increase.
−Removed: Membership fee income was $243.7 million in the first six months of fiscal year 2025 compared to $224.5 million in the first six months of fiscal year 2024, an 8.6% increase.
+Added: Membership fee income was $126.3 million in the third quarter of fiscal year 2025 compared to $115.0 million in the third quarter of fiscal year 2024, a 9.8% increase.
+Added: Membership fee income was $370.0 million in the first nine months of fiscal year 2025 compared to $339.5 million in the first nine months of fiscal year 2024, an 9.0% increase.
The increase for both comparative periods was primarily driven by strength in membership acquisition, retention and higher-tier membership penetration across both new and existing clubs, as well as the increase in annual membership fees which became effective in January 2025.
−Removed: We anticipate the annual membership fee increase will positively impact membership fee income for the remainder of fiscal 2025.
+Added: We anticipate the annual membership fee increase will positively impact membership fee income for the remainder of fiscal year 2025.
Cost of sales
2 unchanged sentences
and vendor allowances, rebates, and cash discounts.
−Removed: Cost of sales was $4.4 billion, or 83.2% of net sales, in the second quarter of fiscal year 2025 compared to $4.2 billion, or 83.4% of net sales, in the second quarter of fiscal year 2024.
−Removed: Merchandise gross margin rate, which excludes gasoline sales and membership fee income, increased 10 basis points compared to the prior year period.
−Removed: Cost of sales was $8.6 billion, or 83.2% of net sales, in the first six months of fiscal year 2025 compared to $8.3 billion, or 83.7% of net sales, in the first six months of fiscal year 2024.
−Removed: Merchandise gross margin rate, which excludes gasoline sales and membership fee income, increased 20 basis points compared to the first six months of fiscal year 2024.
+Added: Cost of sales was $4.3 billion, or 83.0% of net sales, in the third quarter of fiscal year 2025 compared to $4.1 billion, or 82.7% of net sales, in the third quarter of fiscal year 2024.
+Added: Merchandise gross margin rate, which excludes gasoline sales and membership fee income, remained flat compared to the prior year period.
+Added: Cost of sales was $12.9 billion, or 83.1% of net sales, in the first nine months of fiscal year 2025 compared to $12.4 billion, or 83.4% of net sales, in the first nine months of fiscal year 2024.
+Added: Merchandise gross margin rate, which excludes gasoline sales and membership fee income, increased 10 basis points compared to the first nine months of fiscal year 2024.
The Company continues to manage the business to drive profitable growth across the broader merchandise assortment.
10 unchanged sentences
In addition, any future increases in wages or stock-based grants or modifications will increase our SG&A.
−Removed: SG&A increased by 4.8% to $786.4 million in the second quarter of fiscal year 2025 from $750.3 million in the second quarter of fiscal year 2024.
−Removed: SG&A increased by 5.1% to $1.55 billion in the first six months of fiscal year 2025 from $1.47 billion in the first six months of fiscal year 2024.
−Removed: The increase in SG&A for both comparative periods was primarily driven by increased labor and occupancy costs as a result of new club and gas station openings.
+Added: SG&A increased by 7.4% to $788.2 million in the third quarter of fiscal year 2025 from $733.6 million in the third quarter of fiscal year 2024.
+Added: SG&A increased by 5.9% to $2.3 billion in the first nine months of fiscal year 2025 from $2.2 billion in the first nine months of fiscal year 2024.
+Added: The increase in SG&A for both comparative periods was primarily driven by increased labor and occupancy costs as a result of new club and gas station openings, as well as increased advertising costs.
Additionally, an increase in the number of owned clubs has resulted in increased depreciation expense year-over-year.
+Added: In the third quarter of fiscal year 2024, the Company benefitted from the net impact of legal settlements reached of approximately $20 million, which contributed to the increase in SG&A expenses year-over-year.
We remain focused on investing in member engagement, marketing, and digital strategies.
2 unchanged sentences
Expenses will vary based on the number of club openings, geography of the club, whether the club is owned or leased, and timing of the opening relative to our period end.
−Removed: Pre-opening expenses were $3.3 million in the second quarter of fiscal year 2025 compared to $2.6 million in the second quarter of fiscal year 2024.
−Removed: Pre-opening expenses were $8.3 million in the first six months of fiscal year 2025 compared to $3.4 million in the first six months of fiscal year 2024.
+Added: Pre-opening expenses were $7.8 million in the third quarter of fiscal year 2025 compared to $12.5 million in the third quarter of fiscal year 2024.
+Added: Pre-opening expenses were $16.1 million in the first nine months of fiscal year 2025 compared to $16.0 million in the first nine months of fiscal year 2024.
Pre-opening expenses fluctuated due to timing of spend and the number of club openings year-over-year.
Interest expense, net
−Removed: Interest expense, net was $10.4 million in the second quarter of fiscal year 2025 compared to $12.8 million in the second quarter of fiscal year 2024.
−Removed: Interest expense, net was $21.5 million in the first six months of fiscal year 2025 compared to $26.7 million in the first six months of fiscal year 2024.
−Removed: The decrease for both comparative periods was primarily due to a reduction in outstanding borrowings as well as fluctuations in interest rates year-over-year.
+Added: Interest expense, net was $10.3 million in the third quarter of fiscal year 2025 compared to $12.6 million in the third quarter of fiscal year 2024.
+Added: Interest expense, net was $31.8 million in the first nine months of fiscal year 2025 compared to $39.3 million in the first nine months of fiscal year 2024.
+Added: The decrease for both comparative periods was primarily due to fluctuations in outstanding borrowings and interest rates year-over-year.
Provision for income taxes
−Removed: The effective income tax rate was 26.9% and 24.1% for the second quarter of fiscal years 2025 and 2024, respectively.
−Removed: The effective income tax rate was 24.6% and 24.2% for the first six months of fiscal years 2025 and 2024, respectively.
−Removed: The increase in the effective income tax rate for both comparative periods was primarily driven by a decrease in tax benefits from stock-based compensation compared to the prior year period.
+Added: The effective income tax rate was 26.9% and 28.2% for the third quarter of fiscal years 2025 and 2024, respectively.
+Added: The effective income tax rate was 25.4% and 25.7% for the first nine months of fiscal years 2025 and 2024, respectively.
+Added: The decrease in the effective income tax rate for both comparative periods was attributable to increased current year research and development tax credits compared to the prior year period.
+Added: For the first nine months of fiscal year 2025, the decrease in the effective income tax rate was also driven by benefits recognized from the utilization of income tax credits.
Non-GAAP Financial Measures
12 unchanged sentences
We also use adjusted EPS in connection with establishing long-term incentive compensation.
−Removed: Thirteen Weeks Ended Twenty-six Weeks Ended
−Removed: (in thousands, except per share amounts) August 2, 2025 August 3, 2024 August 2, 2025 August 3, 2024
+Added: Thirteen Weeks Ended Thirty-nine Weeks Ended
+Added: (in thousands, except per share amounts) November 1, 2025 November 2, 2024 November 1, 2025 November 2, 2024
Net income as reported $ 152,050 $ 155,748 $ 452,523 $ 411,755
7 unchanged sentences
$ 1.16 $ 1.18 $ 3.44 $ 3.12
−Removed: (a) Represents charges related to the restructuring of certain corporate functions, including costs for severance, retention, outplacement, consulting fees, and other third-party fees.
+Added: (a) Represents charges related to the restructuring of certain corporate and club functions, including costs for severance, retention, outplacement, consulting fees, and other third-party fees.
(b) Represents the tax effect of the above adjustments at a statutory tax rate of approximately 28%.
8 unchanged sentences
The following is a reconciliation of our net income to adjusted EBITDA for the periods presented:
−Removed: Thirteen Weeks Ended Twenty-six Weeks Ended
−Removed: (in thousands) August 2, 2025 August 3, 2024 August 2, 2025 August 3, 2024
+Added: Thirteen Weeks Ended Thirty-nine Weeks Ended
+Added: (in thousands) November 1, 2025 November 2, 2024 November 1, 2025 November 2, 2024
Net income $ 152,050 $ 155,748 $ 452,523 $ 411,755
8 unchanged sentences
Adjusted EBITDA $ 301,385 $ 308,292 $ 891,082 $ 826,027
−Removed: ( a) Represents charges related to the restructuring of certain corporate functions, including costs for severance, retention, outplacement, consulting fees, and other third-party fees.
+Added: ( a) Represents charges related to the restructuring of certain corporate and club functions, including costs for severance, retention, outplacement, consulting fees, and other third-party fees.
(b) Other non-cash items, including non-cash accretion on asset retirement obligations and obligations associated with our post-retirement medical plan.
1 unchanged sentence
Our primary sources of liquidity are cash flows generated from club operations and borrowings from our ABL Revolving Facility.
−Removed: As of August 2, 2025, cash and cash equivalents totaled $47.3 million and we had $1.0 billion of unused capacity under our ABL Revolving Facility.
+Added: As of November 1, 2025, cash and cash equivalents totaled $45.1 million and we had $989.5 million of unused capacity under our ABL Revolving Facility.
Our principal liquidity needs for the next twelve months and beyond are to fund normal recurring operational expenses and anticipated capital expenditures, fund share repurchases, and meet debt service and principal repayment obligations.
We believe that our current resources, together with anticipated cash flows from operations and borrowing capacity under our ABL Revolving Facility, will be sufficient to finance our operations for at least the next twelve months.
−Removed: In the first six months of fiscal year 2025, we repurchased 430,000 shares under the 2024 Repurchase Program for a total purchase price of $47.4 million, inclusive of associated costs.
+Added: In the first nine months of fiscal year 2025, we repurchased 1,335,000 shares under the 2024 Repurchase Program for a total purchase price of $134.7 million, inclusive of associated costs.
We do not have any off-balance sheet arrangements that have, or are, in the opinion of management, reasonably likely to have, a current or future material effect on our results of operations or financial position.
2 unchanged sentences
A summary of our cash flows from operating, investing and financing activities is presented in the following table:
−Removed: Twenty-six Weeks Ended
−Removed: (in thousands) August 2, 2025 August 3, 2024
+Added: Thirty-nine Weeks Ended
+Added: (in thousands) November 1, 2025 November 2, 2024
Net cash provided by operating activities $ 639,101 $ 628,955
1 unchanged sentence
Net cash used in financing activities (121,069) (203,578)
−Removed: Net increase in cash and cash equivalents $ 19,001 $ 2,009
+Added: Net increase (decrease) in cash and cash equivalents $ 16,847 $ (2,176)
Net Operating Cash Flows
−Removed: Net cash provided by operating activities was $458.0 million for the first six months of fiscal year 2025 compared to $422.2 million for the first six months of fiscal year 2024.
−Removed: The increase was primarily due to a $44.5 million increase in net income, inclusive of a $13.0 million increase in depreciation and amortization.
−Removed: Also impacting net operating cash flows were fluctuations in working capital, including a positive impact of $79.7 million related to merchandise inventories, primarily driven by changes in inventory levels in our general merchandise and grocery divisions, and $32.2 million related to accounts receivable due to timing of vendor and customer cash receipts;
+Added: Net cash provided by operating activities was $639.1 million for the first nine months of fiscal year 2025 compared to $629.0 million for the first nine months of fiscal year 2024.
+Added: The increase was primarily due to a $40.8 million increase in net income, inclusive of a $19.7 million increase in depreciation and amortization and a net increase in deferred income tax provisions of $20.9 million.
+Added: Also impacting net operating cash flows were fluctuations in working capital, including a positive impact of $80.4 million related to merchandise inventories, primarily driven by changes in inventory levels in our general merchandise and grocery divisions;
+Added: $22.1 million related to accounts receivable due to timing of vendor and customer cash receipts;
offset by $114.6 million related to accounts payable as a result of timing and volume of inventory purchases and vendor payments;
7 unchanged sentences
Net Investing Cash Flows
−Removed: Net cash used in investing activities was $306.2 million for the first six months of fiscal year 2025 compared to $239.6 million for the first six months of fiscal year 2024.
+Added: Net cash used in investing activities was $501.2 million for the first nine months of fiscal year 2025 compared to $427.6 million for the first nine months of fiscal year 2024.
This fluctuation is primarily driven by an increase in capital spending of $73.4 million as we continue to execute on our growth strategy with new clubs in our pipeline.
Net Financing Cash Flows
−Removed: Net cash used in financing activities for the first six months of fiscal year 2025 was $132.8 million compared to $180.6 million for the first six months of fiscal year 2024.
−Removed: The decrease in cash used is primarily due to a $32.0 million decrease in net payments on our ABL Revolving Facility and a $17.1 million decrease in the acquisition of treasury stock compared to the prior year period.
+Added: Net cash used in financing activities for the first nine months of fiscal year 2025 was $121.1 million compared to $203.6 million for the first nine months of fiscal year 2024.
+Added: The decrease in cash used is primarily due to $25.0 million of net borrowings on our ABL Revolving Facility for the first nine months of fiscal year 2025 compared to net payments of $74.0 million in the first nine months of fiscal year 2024, partially offset by a $12.2 million increase in the acquisition of treasury stock compared to the prior year period.
Adjusted Free Cash Flow
−Removed: We present adjusted free cash flow because we believe it assists investors and analysts in evaluating our liquidity.
+Added: We present adjusted free cash flow, a non-GAAP measure, because we believe it assists investors and analysts in evaluating our liquidity.
Adjusted free cash flow should not be considered as an alternative to cash flows from operations as a liquidity measure.
1 unchanged sentence
The following is a reconciliation of our net cash provided by operating activities to adjusted free cash flow for the periods presented:
−Removed: Thirteen Weeks Ended Twenty-six Weeks Ended
−Removed: (in thousands) August 2, 2025 August 3, 2024 August 2, 2025 August 3, 2024
+Added: Thirteen Weeks Ended Thirty-nine Weeks Ended
+Added: (in thousands) November 1, 2025 November 2, 2024 November 1, 2025 November 2, 2024
Net cash provided by operating activities $ 181,144 $ 206,757 $ 639,101 $ 628,955
2 unchanged sentences
Adjusted free cash flow $ (13,739) $ 18,824 $ 141,148 $ 201,402
−Removed: Adjusted free cash flow remained relatively flat for the second quarter of fiscal year 2025 compared to the second quarter of fiscal year 2024.
−Removed: Adjusted free cash flow decreased to $154.9 million for the first six months of fiscal year 2025 compared to $182.6 million for the first six months of fiscal year 2024.
−Removed: The fluctuations are primarily the result of an increase in capital spending, partially offset by higher cash flows from operating activities driven by higher net income.
+Added: Adjusted free cash flow decreased during third quarter of fiscal year 2025 compared to the third quarter of fiscal year 2024.
+Added: The fluctuation is primarily the result of unfavorable changes in working capital and an increase in capital spending.
+Added: Adjusted free cash flow decreased to $141.1 million for the first nine months of fiscal year 2025 compared to $201.4 million for the first nine months of fiscal year 2024.
+Added: The fluctuation is primarily the result of an increase in capital spending, partially offset by higher cash flows from operating activities driven by higher net income.
Debt and Borrowing Capacity
7 unchanged sentences
The maturity date of the First Lien Term Loan is February 3, 2029.
−Removed: At August 2, 2025, there was $105.0 million outstanding in loans under the ABL Revolving Facility and $19.6 million in outstanding letters of credit.
−Removed: The interest rate on the revolving credit facility was 5.45% and unused capacity was $1.0 billion.
−Removed: At August 2, 2025, the interest rate for the First Lien Term Loan was 5.88% and there was $400.0 million outstanding.
+Added: At November 1, 2025, there was $200.0 million outstanding in loans under the ABL Revolving Facility and $10.5 million in outstanding letters of credit.
+Added: The interest rate on the revolving credit facility was 5.07% and unused capacity was $989.5 million.
+Added: At November 1, 2025, the interest rate for the First Lien Term Loan was 5.88% and there was $400.0 million outstanding.
Material Cash Commitments
−Removed: Our material cash commitments consist primarily of debt obligations, interest payments, leases, and purchase orders for merchandise inventory, agreements for capital items, gasoline, products and services used in our business, information technology, executive employment, and other agreements.
+Added: Our material cash commitments consist primarily of debt obligations, interest payments, leases, and purchase orders for merchandise inventory, agreements for capital items, gasoline, products and services used in our business, information technology, executive employment, transferable tax credits, and other agreements.
These material cash commitments impact our short-term and long-term liquidity and capital needs.
−Removed: As of August 2, 2025, other than those items related to the ordinary course of operations of our business such as inventory purchases, agreements for capital items, and new leases and lease amendments, there were no material changes to our material cash commitments from those described in our Annual Report on Form 10-K for fiscal year 2024.
+Added: As of November 1, 2025, other than a cash commitment of approximately $87 million, expected to be paid in the first half of fiscal year 2026, related to the purchase of transferable tax credits, and those items related to the ordinary course of operations of our business such as inventory purchases, agreements for capital items, and new leases and lease amendments, there were no material changes to our material cash commitments from those described in our Annual Report on Form 10-K for fiscal year 2024.
Critical Accounting Policies and Use of Estimates
10 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.