Exhibit 99.1

BJ’S WHOLESALE CLUB ANNOUNCES EARNINGS FOR Q-4 AND FULL YEAR

Provides Earnings Guidance for 2010

NATICK, MA — March 3, 2010—- BJ’s Wholesale Club, Inc. (NYSE: BJ) today reported net income of $55.1 million, or $1.01 per diluted share, for the fourth quarter ended January 30, 2010. These results included post-tax income of $1.8 million, or $0.03 per diluted share, related to payments the Company received from a class action settlement involving the credit card interchange fees charged by MasterCard and Visa. Fourth quarter results also included post-tax income of $1.7 million, or $0.03 per share, from an adjustment to legal reserves originally established in 2004. Legal claims made against the Company related to these reserves were resolved during the fourth quarter.

For the full year 2009, the Company reported net income of $132.1 million, or $2.42 per diluted share. In addition to the two income items mentioned above in connection with the fourth quarter, full year 2009 results included post-tax expense of $6.9 million, or $0.13 per diluted share to establish a reserve in connection with a proposed settlement of a legal claim. This settlement resolves wage and hour job classification claims.

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BJ’s Wholesale Club

March 3, 2010

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For the fourth quarter ended January 30, 2010, total sales increased by 9.4% to $2.74 billion, and comparable club sales increased by 4.6%, including a contribution from sales of gasoline of 2.3%. For the year ended January 30, 2010, total sales rose by 1.6% to $9.95 billion and comparable club sales decreased by 1.9%, including a negative impact from sales of gasoline of 5.9%. Excluding the impact of gasoline sales, merchandise comparable club sales increased by 4.0% for the full year.

During the fourth quarter of 2009, the Company repurchased 1.7 million shares of BJ’s common stock at an average cost of $33.17 per share, for a total expenditure of approximately $57.2 million. For the year, BJ’s repurchased 4.1 million shares of common stock at an average cost of $31.08 per share, for a total expenditure of approximately $127.5 million. As of January 30, 2010, approximately $81.1 million remained available for repurchase under the existing Board authorization.

Earnings Guidance for the First Quarter and Fiscal Year Ending January 29, 2011

For fiscal 2010, on a GAAP basis, the Company expects to report net income in the range of $133.1 to $138.1 million, and earnings per diluted share in the range of $2.54 to $2.64. For the first quarter of 2010, on a GAAP basis, the Company expects to report net income in the range of $21.3 to $ 23.7 million and earnings per diluted share in the range of $0.40 to $0.45.

Fourth Quarter and Year End 2009 Earnings Conference Call

BJ’s management will host a conference call today at 8:30 a.m. ET to discuss information included in this press release and related matters. The conference call will be available through webcast and replay from BJ’s investor relations website at http://www.bjsinvestor.com/events.cfm.

About BJ’s Wholesale Club

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 187 BJ’s Wholesale clubs in 15 states. BJ’s press releases and filings with the SEC are available on the Internet at www.bjsinvestor.com.

Additional Information

Supplemental financial information, including detailed sales information for the fourth quarter and full year, 2009, and earnings guidance for the first quarter and full year, 2010, which has historically been provided during the

Company’s fourth quarter earnings conference call, is available on the Form 8-K submitted by the Company today to the SEC. To access this information, visit www.bjsinvestor.com/sec.cfm.

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BJ’s Wholesale Club

March 3, 2010

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Forward-Looking Statements

This press release contains forward-looking statements as defined by The Private Securities Litigation Reform Act of 1995, including the information under the heading “Earnings Guidance for the First Quarter and Fiscal Year Ending January 29, 2011”. 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, the rate of inflation or deflation, federal, state and local regulation in the Company’s markets, federal budgetary and tax policy, litigation, competitive conditions and other factors discussed in the Company’s Annual Report on SEC Form 10-K for the fiscal year ended January 31, 2009. Any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates 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.

—See Attached Financial Tables —

BJ’s Wholesale Club, Inc. and Consolidated Subsidiaries

STATEMENTS OF INCOME (Unaudited)

(Dollars in Thousands Except Per Share Amounts)

BJ’s Wholesale Club, Inc. and Consolidated Subsidiaries

CONDENSED BALANCE SHEETS (Unaudited)

(Dollars in Thousands)

BJ’s Wholesale Club, Inc. and Consolidated Subsidiaries

CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)

(Dollars in Thousands)