Exhibit 99.1

BJ’s Wholesale Club News

BJ’s Wholesale Club, Inc One Mercer Road P.O. Box 9601 Natick, MA 01760

FOR IMMEDIATE RELEASE	Contact:	Cathy Maloney
		VP, Investor Relations
		508-651-6650
		cmaloney@bjs.com

BJ’S WHOLESALE CLUB REPORTS FIRST QUARTER RESULTS

May 18, 2004, Natick, MA—BJ’s Wholesale Club, Inc. (BJ: NYSE) today reported net income of $16.1 million, or $.23 per diluted share, for its first quarter ended May 1, 2004, compared to income before the cumulative effect of accounting principle changes of $12.5 million, or $.18 per diluted share, for last year’s first quarter. Including the cumulative effect of accounting principle changes, net income for last year’s first quarter was $11.3 million, or $.16 per diluted share. Results for the quarter ended May 3, 2003, included a post-tax gain of $0.7 million, or $.01 per diluted share, as a result of reducing the Company’s reserves for House2Home lease obligations. (See notes to attached statements.)

Net sales for the first quarter increased by 12.1% to $1.6 billion, and comparable club sales increased by 6.6%, including a contribution from sales of gasoline of 0.4%.

President and CEO Mike Wedge commented, “Our results for the first quarter reflect significant investments to become a truly member-centric organization. Based on our Member Insight findings, we re-merchandised approximately 75% of the aisles in our clubs during the first quarter. On a comparable club sales basis, food increased by approximately 9% and general merchandise increased by approximately 4% during the first quarter.”

The Company also announced that it repurchased approximately 317,000 shares of BJ’s common stock during the first quarter at an average price of $25.10 per share, for a total of approximately $8.0 million.

First Quarter Results/Conference Call

As previously announced, BJ’s plans to hold a conference call today at 8:30 a.m. Eastern Time to discuss the first quarter results and outlook for the remainder of 2004. To access the webcast (including financial and other statistical information being presented, as well as reconciliation information with respect to any non-GAAP financial measures being presented), 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.

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 150 clubs and 78 gas stations compared with 143 clubs and 71 gas stations one year ago. BJ’s press releases and filings with the SEC are available on the Internet at www.bjs.com

-See Financial Tables-

BJ’s Wholesale Club, Inc. and Consolidated Subsidiaries

STATEMENTS OF INCOME (Unaudited)

(Dollars in Thousands Except Per Share Amounts)

	Thirteen Weeks Ended
	May 1, 2004			May 3, 2003
Net sales	$	1,610,958		$	1,437,549
Membership fees and other		36,666			33,572
Total revenues		1,647,624			1,471,121
Cost of sales, including buying and occupancy costs		1,497,600			1,333,423
Selling, general and administrative expenses		123,200			113,916
Preopening expenses		219			3,989
Operating income		26,605			19,793
Interest expense, net		(111	)		(68	)
Gain (loss) on contingent lease obligations		(73	)		814
Income from continuing operations before income taxes and cumulative effect of accounting principle changes		26,421			20,539
Provision for income taxes		10,171			7,870
Income from continuing operations before cumulative effect of accounting principle changes		16,250			12,669
Loss from discontinued operations, net of income tax benefit		(132	)		(149	)
Income before cumulative effect of accounting principle changes		16,118			12,520
Cumulative effect of accounting principle changes		—			(1,253	)
Net income	$	16,118		$	11,267
Basic and diluted earnings per common share:
Income from continuing operations before cumulative effect of accounting principle changes	$	0.23		$	0.18
Loss from discontinued operations		—			—
Cumulative effect of accounting principle changes		—			(0.02	)
Net income	$	0.23		$	0.16
Number of common shares for earnings per share computations:
Basic		69,809,300			69,288,640
Diluted		70,362,007			69,396,765
Pro forma amounts assuming accounting principle changes are applied retroactively:
Net income	$	16,118		$	12,520
Basic and diluted earnings per common share	$	0.23		$	0.18
Clubs in operation - end of period		150			143

BJ’s Wholesale Club, Inc. and Consolidated Subsidiaries

CONDENSED BALANCE SHEETS (Unaudited)

(Dollars in Thousands)

	May 1, 2004		May 3, 2003
ASSETS
Current assets:
Cash and cash equivalents	$	75,954	$	42,100
Accounts receivable		63,332		57,100
Merchandise inventories		707,651		659,046
Current deferred income taxes		18,998		19,280
Prepaid expenses		19,465		17,253
Total current assets		885,400		794,779
Property, net of depreciation		778,345		720,700
Other assets		23,016		23,292
TOTAL ASSETS	$	1,686,761	$	1,538,771
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt	$	—	$	40,000
Current installments of long-term debt		407		—
Accounts payable		488,944		442,279
Closed store lease obligations		8,428		21,214
Accrued expenses and other current liabilities		214,935		190,569
Total current liabilities		712,714		694,062
Long-term debt, less portion due within one year		3,521		—
Noncurrent closed store lease obligations		11,055		21,663
Other noncurrent liabilities		61,468		52,894
Deferred income taxes		35,429		18,008
Stockholders’ equity		862,574		752,144
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,686,761	$	1,538,771

BJ’s Wholesale Club, Inc. and Consolidated Subsidiaries

CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)

(Dollars in Thousands)

	Thirteen Weeks Ended
	May 1, 2004			May 3, 2003
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	16,118		$	11,267
(Gain) loss on contingent lease obligations		73			(814	)
Provision for store closing costs		220			248
Cumulative effect of accounting principle changes		—			1,253
Depreciation and amortization		24,413			20,256
Deferred income taxes		1,589			6,803
Increase in merchandise inventories, net of accounts payable		(10,347	)		(7,543	)
Decrease in closed store lease obligations		(2,728	)		(14,890	)
Other		10,044			6,634
Net cash provided by operating activities		39,382			23,214
CASH FLOWS FROM INVESTING ACTIVITIES
Property additions		(30,446	)		(55,636	)
Property disposals		390			15
Net cash used in investing activities		(30,056	)		(55,621	)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowing of short-term debt, net		—			40,000
Purchase of treasury stock		(7,960	)		—
Proceeds from issuance of common stock		1,951			51
Changes in book overdrafts		(5,986	)		1,773
Repayment of long-term debt		(97	)		—
Net cash provided by (used in) financing activities		(12,092	)		41,824
Net increase (decrease) in cash and cash equivalents	$	(2,766	)	$	9,417

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

1. Last year’s first quarter gain on contingent lease obligations included a pretax credit of $1.2 million ($0.7 million after tax) to reduce the Company’s House2Home lease obligations.

2. During last year’s first quarter ended May 3, 2003, the Company adopted the provisions of Statement of Financial Accounting Standards No. 143, “Accounting for Asset Retirement Obligations” (“SFAS No. 143”). The Company recorded a post-tax charge of $1,253,000, or $.02 per diluted share, to reflect the cumulative effect of adopting this accounting principle change as of the beginning of the fiscal year.

3. During this year’s first quarter ended May 1, 2004, the Company adopted the provisions of Emerging Issues Task Force Issue 03-10, “Application of EITF Issue No. 02-16 by Resellers to Sales Incentives Offered to Consumers by Manufacturers” (“EITF 03-10”). This pronouncement provides guidance for the reporting of vendor consideration received by a reseller as it relates to manufacturers’ incentives (such as rebates or coupons) tendered by consumers. Vendor consideration may be included in revenues only if defined criteria are met. Otherwise, such consideration is recorded as a decrease in cost of sales. The provisions of EITF 03-10 became effective as of the beginning of 2004. Implementation of EITF 03-10 has no effect on gross margin dollars, net income or cash flows, but certain vendor coupons or rebates which had been recorded in sales in the past are being recorded as a reduction of cost of sales in this year’s first quarter. This resulted in decreases in both sales and cost of sales of $10.3 million in this year’s first quarter versus $4.1 million in last year’s first quarter. As permitted by the transition provisions of EITF 03-10, sales and cost of sales in last year’s statement of income have been recast to conform with this year’s presentation.

4. Certain amounts in the prior year’s financial statements have been reclassified for comparative purposes.