UNION, N.J., April 4 /PRNewswire/ -- Bed Bath & Beyond Inc. today reported net earnings of $64.3 million ($.22 per share) for the fiscal fourth quarter (fourteen weeks) ended March 3, 2001, an increase of approximately 32.9% from the $48.4 million ($.17 per share) earned in the fiscal fourth quarter (thirteen weeks) of 1999. Net sales for the fourteen weeks ended March 3, 2001 were $746.1 million, an increase of approximately 31.1% from the fiscal fourth quarter (thirteen weeks) of 1999. Comparable store sales for the fiscal fourth quarter of 2000 increased by approximately 4.9%. Comparable store sales for the fiscal fourth quarter of 1999 increased by approximately 9.6%.
Net earnings for the fiscal year (fifty-three weeks) ended March 3, 2001 totaled $171.9 million ($.59 per share), exceeding fiscal 1999 (fifty-two weeks) net earnings of $131.2 million ($.46 per share) by approximately 31.0%. Fiscal 2000 was the 9th consecutive year of record earnings since the Company's 1992 IPO. Net sales for fiscal 2000 (fifty-three weeks) were $2,396.7 million, an increase of approximately 29.0% from the prior fiscal year (fifty-two weeks). Comparable store sales for fiscal 2000 increased by approximately 5.0%. Comparable store sales for fiscal 1999 increased by approximately 9.2%. All comparable store sales percentages are calculated based on an equivalent number of weeks for each period.
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 fourth quarter of 2000 two new superstores were opened. At the end of fiscal 2000, Bed Bath & Beyond Inc. operated 311 stores in 43 states, including 70 new superstores opened during the year. In addition, two stores were expanded during the year. States entered for the first time during fiscal 2000 were Rhode Island, Maine, Mississippi, North Dakota and Idaho. Total store space grew to approximately 12,204,000 square feet, an increase of approximately 2,389,000 square feet (24.3%) over total store space of approximately 9,815,000 square feet occupied by 241 stores in 38 states operating at the end of fiscal 1999.
Bed Bath & Beyond Inc. plans to open approximately 80 new superstores, 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 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)
Three Months Ended Twelve Months Ended
March 3, February 26, March 3, February 26,
2001 2000 2001 2000
(14 Weeks) (13 Weeks) (53 Weeks) (52 Weeks)
Net sales $746,107 $569,012 $2,396,655 $1,857,505
Cost of sales,
including buying,
occupancy and
indirect costs 434,305 330,779 1,410,196 1,090,704
Gross profit 311,802 238,233 986,459 766,801
Selling, general and
administrative
expenses 209,904 161,095 713,621 557,461
Operating profit 101,898 77,138 272,838 209,340
Interest income 3,536 2,194 9,001 5,790
Earnings before
provision for
income taxes 105,434 79,332 281,839 215,130
Provision for
income taxes 41,119 30,940 109,917 83,901
Net earnings $64,315 $48,392 $171,922 $131,229
Net earnings per
share - Basic $0.22 $0.17 $0.61 $0.47
Net earnings per
share - Diluted $0.22 $0.17 $0.59 $0.46
Weighted average
shares outstanding
- Basic 286,658 280,750 283,925 279,930
Weighted average
shares outstanding
- Diluted 295,808 288,181 292,876 288,234
BED BATH & BEYOND INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands)
March 3, February 26,
2001 2000
Assets
Current assets:
Cash and cash equivalents $239,328 $144,031
Merchandise inventories 606,704 470,433
Prepaid expenses and other current assets 39,681 32,904
Total current assets 885,713 647,368
Property and equipment, net 302,656 208,911
Other assets 7,356 9,521
$1,195,725 $865,800
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $192,401 $145,114
Accrued expenses and other current liabilities 128,800 108,079
Income taxes payable 31,988 33,590
Total current liabilities 353,189 286,783
Deferred rent and other liabilities 25,518 19,972
Total liabilities 378,707 306,755
Total shareholders' equity 817,018 559,045
$1,195,725 $865,800
BED BATH & BEYOND INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(in thousands)
Twelve Months Ended
March 3, February 26,
2001 2000
(53 Weeks) (52 Weeks)
Cash Flows from Operating Activities:
Net earnings $171,922 $131,229
Adjustments to reconcile net
earnings to net cash
provided by operating activities:
Depreciation and amortization 46,650 31,625
Tax benefit from exercise of stock options 48,295 8,932
Deferred income taxes (3,939) (8,197)
(Increase) decrease in assets:
Merchandise inventories (136,271) (110,096)
Prepaid expenses and other current assets 2,627 (2,347)
Other assets (1,124) 96
Increase (decrease) in liabilities:
Accounts payable 47,287 45,744
Accrued expenses and other current liabilities 20,721 18,354
Income taxes payable (1,602) 16,980
Deferred rent 3,370 3,616
Net cash provided by operating activities 197,936 135,936
Cash Flows from Investing Activities:
Capital expenditures (140,395) (90,098)
Net cash used in investing activities (140,395) (90,098)
Cash Flows from Financing Activities:
Proceeds from exercise of stock options 37,756 7,797
Net cash provided by financing activities 37,756 7,797
Net increase in cash and cash equivalents 95,297 53,635
Cash and cash equivalents:
Beginning of period 144,031 90,396
End of period $239,328 $144,031
SOURCE: Bed Bath & Beyond Inc.