UNION, N.J., Dec. 13 /PRNewswire/ -- Bed Bath & Beyond Inc. today reported that in the fiscal third quarter (thirteen weeks) ended November 25, 2000, as compared with the fiscal third quarter (thirteen weeks) ended November 27, 1999, net earnings increased by 28.3% and net earnings per share grew to $.14 from $.11, on an increase in net sales of 25.3%.
Net earnings for the fiscal third quarter of 2000 were $40.7 million, compared with $31.7 million earned in the fiscal third quarter of the prior year. Net sales for the fiscal third quarter were $609.5 million compared to net sales of $486.5 million achieved in the corresponding quarter of the prior year. Comparable store sales for the fiscal third quarter increased by approximately 4.2%.
For the fiscal nine months (thirty-nine weeks) ended November 25, 2000, net earnings increased 29.9% to $107.6 million ($.37 per share) from $82.8 million ($.29 per share) earned in the comparable period (thirty-nine weeks) of the prior year. Net sales for the fiscal nine months rose 28.1% to approximately $1.7 billion from approximately $1.3 billion in the corresponding period of the prior year. Comparable stores sales for the fiscal nine months increased by approximately 5.1%.
Per share amounts have been adjusted to reflect the two-for-one stock split of the Company's common stock on August 11, 2000 (which was effected in the form of a 100% stock dividend).
During the fiscal third quarter, the Company opened thirty-seven new superstores and expanded two existing stores adding approximately 1,292,000 square feet, or 12.0%, to total store space. Total store space as of the end of the fiscal third quarter was approximately 12,100,000 square feet. In the fiscal third quarter of 1999, thirty-six new superstores were opened and two existing stores were expanded adding approximately 1,410,000 square feet, or 17.0%, to total store space.
From the beginning of the current fiscal year through November 25, 2000, Bed Bath & Beyond Inc. opened 68 new superstores and expanded 2 existing stores, adding approximately 2,285,000 square feet, or 23.3%, to total store space. In the first fiscal nine months of 1999, the Company opened 51 new superstores and expanded 4 existing stores, adding approximately 2,008,000, or 26.1%, to total store space.
As of November 25, 2000, Bed Bath & Beyond Inc. operated 309 stores, including the Company's first units in Rhode Island, Maine, Mississippi, North Dakota and Idaho. Since that date, one additional superstore has been opened, and one additional superstore is expected to open, which would bring to 311 stores in 43 states the total number of stores expected to be in operation at the end of the fiscal year.
The Company plans to open approximately 80 superstores in both new and existing markets, in the fiscal year (fifty-two weeks) beginning on March 4, 2001. It is estimated that total store space to be added in fiscal 2001 will be approximately 2,400,000 square feet.
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 Nine Months Ended November 25, November 27, November 25, November 27, 2000 1999 2000 1999 Net sales $609,519 $486,457 $1,669,255 $1,303,415 Cost of sales, including buying, occupancy and indirect costs 363,452 289,673 994,343 774,847 Gross profit 246,067 196,784 674,912 528,568 Selling, general and administrative expenses 181,475 146,177 503,972 396,366 Operating profit 64,592 50,607 170,940 132,202 Interest income 2,072 1,371 5,465 3,596 Earnings before provision for income taxes 66,664 51,978 176,405 135,798 Provision for income taxes 25,999 20,271 68,798 52,961 Net earnings $40,665 $31,707 $107,607 $82,837 Net earnings per share - Basic $0.14 $0.11 $0.38 $0.30 Net earnings per share - Diluted $0.14 $0.11 $0.37 $0.29 Weighted average shares outstanding - Basic 284,237 280,359 282,944 279,657 Weighted average shares outstanding - Diluted 294,164 288,345 291,828 288,251 BED BATH & BEYOND INC. AND SUBSIDIARIES Consolidated Balance Sheets (in thousands, unaudited)
November 25, November 27, 2000 1999 Assets Current assets: Cash and cash equivalents $140,861 $107,635 Merchandise inventories 687,143 522,433 Prepaid expenses and other current assets 38,886 31,071 Total current assets 866,890 661,139 Property and equipment, net 288,150 202,362 Other assets 11,440 11,864 $1,166,480 $875,365 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $270,045 $201,997 Accrued expenses and other current liabilities 131,398 124,205 Income taxes payable 17,509 20,783 Total current liabilities 418,952 346,985 Deferred rent 22,450 19,067 Total liabilities 441,402 366,052 Total shareholders' equity 725,078 509,313 $1,166,480 $875,365 BED BATH & BEYOND INC. AND SUBSIDIARIES Consolidated Statements of Cash Flows (in thousands, unaudited) Nine Months Ended
November 25, November 27, 2000 1999 Cash Flows from Operating Activities: Net earnings $107,607 $82,837 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 32,796 22,367 Tax benefit from exercise of stock options 31,947 8,394 Deferred income taxes (5,798) (3,761) Increase in assets: Merchandise inventories (216,710) (162,096) Prepaid expenses and other current assets (925) (5,203) Other assets (1,178) (1,994) Increase (decrease) in liabilities: Accounts payable 124,931 102,627 Accrued expenses and other current liabilities 23,319 34,480 Income taxes payable (16,081) 4,173 Deferred rent 2,478 2,711 Net cash provided by operating activities 82,386 84,535 Cash Flows from Investing Activities: Capital expenditures (112,035) (74,291) Net cash used in investing activities (112,035) (74,291) Cash Flows from Financing Activities: Proceeds from exercise of stock options 26,479 6,995 Net cash provided by financing activities 26,479 6,995 Net (decrease) increase in cash and cash equivalents (3,170) 17,239 Cash and cash equivalents: Beginning of period 144,031 90,396 End of period $140,861 $107,635
SOURCE Bed Bath & Beyond Inc.
CONTACT: Investors - Ronald Curwin, Chief Financial Officer, and Treasurer, 908-688-0888, ext. 4550, Kenneth C. Frankel, Director of Financial Planning, 908-688-0888, ext. 4554, Paula J. Marbach, Investor Relations, 908-688-0888, ext. 4552, Fax: 908-810-8813/