UNION, N.J., June 21 /PRNewswire/ -- Bed Bath & Beyond Inc. today reported net earnings of $30.0 million ($.10 per share) for the fiscal first quarter ended June 2, 2001, an increase of approximately 28.4% from the $23.4 million ($.08 per share) earned in the fiscal first quarter of 2000. Net sales for the fiscal first quarter of 2001 were $575.8 million, an increase of approximately 25.4% from net sales of $459.2 million in the fiscal first quarter of 2000. Comparable store sales for the fiscal first quarter of 2001 increased by approximately 4.4%.
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).
As of June 2, 2001, Bed Bath & Beyond Inc. operated 322 stores in 43 states, including 11 new stores opened during the fiscal first quarter. Including the new units, total store space at the end of the fiscal first quarter was approximately 12.5 million square feet, an increase of approximately 23.8% over total store space of approximately 10.1 million square feet at the end of the corresponding period last year. The Company plans to open approximately 80 stores (including those already opened), in both new and existing markets, during fiscal 2001.
* * * * * * * * *
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 March 3, 2001 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
June 2, May 27,
2001 2000
Net sales $575,833 $459,163
Cost of sales, including buying,
occupancy and indirect costs 340,874 271,870
Gross profit 234,959 187,293
Selling, general and administrative expenses 189,357 150,954
Operating profit 45,602 36,339
Interest income 3,190 1,962
Earnings before provision for income taxes 48,792 38,301
Provision for income taxes 18,785 14,937
Net earnings $30,007 $23,364
Net earnings per share - Basic $0.10 $0.08
Net earnings per share - Diluted $0.10 $0.08
Weighted average shares outstanding - Basic 288,467 281,718
Weighted average shares outstanding - Diluted 297,479 289,954
BED BATH & BEYOND INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands, unaudited)
June 2, May 27,
2001 2000
Assets
Current assets:
Cash and cash equivalents $275,966 $136,387
Merchandise inventories 696,896 548,018
Prepaid expenses and other current assets 44,960 42,064
------- -------
Total current assets 1,017,822 726,469
Property and equipment, net 312,659 218,019
Other assets 7,309 10,131
------- -------
$1,337,790 $954,619
---------- -------
---------- -------
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $260,121 $188,218
Accrued expenses and other
current liabilities 145,432 114,973
Income taxes payable 35,252 29,666
------- -------
Total current liabilities 440,805 332,857
------- -------
Deferred rent and other liabilities 27,992 20,788
------- -------
Total liabilities 468,797 353,645
------- -------
Total shareholders' equity 868,993 600,974
------- -------
$1,337,790 $954,619
--------- --------
BED BATH & BEYOND INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(in thousands, unaudited)
Three Months Ended
June 2, May 27,
2001 2000
Cash Flows from Operating Activities:
Net earnings $30,007 $23,364
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation and amortization 14,418 9,928
Tax benefit from exercise of stock options 13,113 11,470
Deferred income taxes (288) (1,932)
(Increase) decrease in assets:
Merchandise inventories (90,192) (77,585)
Prepaid expenses and other current assets (3,360) (7,475)
Other assets 47 (363)
Increase (decrease) in liabilities:
Accounts payable 67,720 43,104
Accrued expenses and other
current liabilities 16,632 6,894
Income taxes payable 3,264 (3,924)
Deferred rent 843 816
----- -----
Net cash provided by operating activities 52,204 4,297
----- -----
Cash Flows from Investing Activities:
Capital expenditures (24,421) (19,036)
Net cash used in investing activities (24,421) (19,036)
Cash Flows from Financing Activities:
Proceeds from exercise of stock options 8,855 7,095
------ ------
Net cash provided by financing activities 8,855 7,095
------ ------
Net increase (decrease) in cash
and cash equivalents 36,638 (7,644)
Cash and cash equivalents:
Beginning of period 239,328 144,031
------ ------
End of period $275,966 $136,387
------ ------
SOURCE Bed Bath & Beyond Inc.
CONTACT: INVESTOR CONTACTS - 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, or Fax, 908-810-8813/