UNION, N.J., June 21 /PRNewswire/ -- Bed Bath & Beyond Inc. today reported net earnings of $23.4 million ($.16 per share) for the fiscal first quarter ended May 27, 2000, an increase of approximately 30.6% from the $17.9 million ($.12 per share) earned in the fiscal first quarter of 1999. Net sales for the fiscal first quarter of 2000 were $462.7 million, an increase of approximately 28.8% from net sales of $359.4 million in the fiscal first quarter of 1999. Comparable store sales for the fiscal first quarter of 2000 increased by approximately 5.0% from the corresponding period last year, when comparable store sales increased by approximately 9.9% from the corresponding fiscal quarter of 1998.
As of May 27, 2000, Bed Bath & Beyond Inc. operated 251 stores in 39 states, including Rhode Island, which was entered for the first time. Ten new superstores opened during the fiscal first quarter. Including the new units, total store space at the end of the fiscal first quarter was approximately 10.1 million square feet, an increase of approximately 27.8% over total store space of approximately 7.9 million square feet at the end of the corresponding period last year. Since May 27, 2000, the Company has opened three additional superstores bringing the total number of stores to 254 now in operation. The Company plans to open at least 60 superstores (including those opened year-to-date), and expand or renovate several existing locations, during the current fiscal year.
Bed Bath & Beyond Inc. is a nationwide chain of superstores selling better quality domestics merchandise and home furnishings. Its stock is traded on NASDAQ under the symbol "BBBY" and is included in the Standard & Poor's 500 Index and the NASDAQ-100 Index.
This press release may contain forward looking statements. Important factors which may affect these statements are contained in the Company's Annual Report to Shareholders for the fiscal year ended February 26, 2000 and may be contained in any subsequent reports filed by the Company with the Securities and Exchange Commission.
BED BATH & BEYOND INC. AND SUBSIDIARIES Consolidated Statements of Earnings (in thousands, except per share data) (unaudited)
Three Months Ended May 27, May 29, 2000 1999 Net sales $462,735 $359,372 Cost of sales, including buying, occupancy and indirect costs 275,389 213,158 Gross profit 187,346 146,214 Selling, general and administrative expenses 151,007 118,199 Operating profit 36,339 28,015 Interest income 1,962 1,302 Earnings before provision for income taxes 38,301 29,317 Provision for income taxes 14,937 11,434 Net earnings $23,364 $17,883 Net earnings per share - Basic $0.17 $0.13 Net earnings per share - Diluted $0.16 $0.12 Weighted average shares outstanding - Basic 140,859 139,528 Weighted average shares outstanding - Diluted 144,977 144,037 BED BATH & BEYOND INC. AND SUBSIDIARIES Consolidated Balance Sheets (in thousands, unaudited)
May 27, May 29, 2000 1999 Assets Current assets: Cash and cash equivalents $136,387 $123,758 Merchandise inventories 548,018 415,076 Prepaid expenses and other current assets 42,064 25,498 Total current assets 726,469 564,332 Property and equipment, net 218,019 150,591 Other assets 10,131 9,725 $954,619 $724,648 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $188,218 $150,253 Accrued expenses and other current liabilities 114,973 100,632 Income taxes payable 29,666 22,773 Total current liabilities 332,857 273,658 Deferred rent 20,788 17,291 Total liabilities 353,645 290,949 Total shareholders' equity 600,974 433,699 $954,619 $724,648 BED BATH & BEYOND INC. AND SUBSIDIARIES Consolidated Statements of Cash Flows (in thousands, unaudited)
Three Months Ended May 27, May 29, 2000 1999 Cash Flows from Operating Activities: Net earnings $23,364 $17,883 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 9,928 6,881 Tax benefit from exercise of stock options 11,470 2,856 Deferred income taxes (1,932) (1,353) Increase in assets: Merchandise inventories (77,585) (54,739) Prepaid expenses and other current assets (7,475) (1,846) Other assets (363) (47) Increase (decrease) in liabilities: Accounts payable 43,104 50,883 Accrued expenses and other current liabilities 6,894 10,907 Income taxes payable (3,924) 6,163 Deferred rent 816 935 Net cash provided by operating activities 4,297 38,523 Cash Flows from Investing Activities: Capital expenditures (19,036) (7,034) Net cash used in investing activities (19,036) (7,034) Cash Flows from Financing Activities: Proceeds from exercise of stock options 7,095 1,873 Net cash provided by financing activities 7,095 1,873 Net (decrease) increase in cash and cash equivalents (7,644) 33,362 Cash and cash equivalents: Beginning of period 144,031 90,396 End of period $136,387 $123,758
SOURCE Bed Bath & Beyond Inc.
CONTACT: Ronald Curwin, Chief Financial Officer and Treasurer, Ext. 4550, or Kenneth C. Frankel, Director of Financial Planning, Ext. 4554, or Paula J. Marbach, Investor Relations, Ext. 4552, all of Bed Bath & Beyond, 908-688-0888/