- Net Earnings per Diluted Share of$.34 for Q1 - Quarterly Net Sales Increase by 2.8% - Quarterly Comparable Store Sales Decrease by 1.6%
UNION, N.J.,
As of
This press release may contain forward-looking statements. Many of these forward-looking statements can be identified by use of words such as may, will, expect, anticipate, estimate, assume, continue, project, plan, and similar words and phrases. The Company's actual results and future financial condition may differ materially from those expressed in any such forward-looking statements as a result of many factors that may be outside the Company's control. Such factors include, without limitation: general economic conditions including the housing market, fuel costs, and a declining overall macroeconomic environment; changes in the retailing environment and consumer preferences and spending habits; demographics and other macroeconomic factors that may impact the level of spending for the types of merchandise sold by the Company; unusual weather patterns; competition from existing and potential competitors; competition from other channels of distribution; pricing pressures; the cost of labor, merchandise and other costs and expenses; the ability to find suitable locations at acceptable occupancy costs to support the Company's expansion program; the impact of failed auctions for auction rate securities held by the Company; and matters arising out of or related to the Company's stock option grants and procedures and related matters, including any tax implications relating to the Company's stock option grants. The Company does not undertake any obligation to update its forward-looking statements.
(Tables Follow)
BED BATH & BEYOND INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(in thousands, except per share data)
(unaudited)
Three Months Ended
------------------
May 30, May 31,
2009 2008
--------- ---------
Net sales $1,694,340 $1,648,491
Cost of sales 1,027,522 992,491
---------- --------
Gross profit 666,818 656,000
Selling, general and administrative expenses 524,514 537,181
--------- ---------
Operating profit 142,304 118,819
Interest income 1,767 4,530
--------- --------
Earnings before provision for income taxes 144,071 123,349
Provision for income taxes 56,899 46,572
--------- --------
Net earnings $ 87,172 $ 76,777
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Net earnings per share - Basic $ 0.34 $ 0.30
Net earnings per share - Diluted $ 0.34 $ 0.30
Weighted average shares outstanding - Basic 256,942 256,634
Weighted average shares outstanding - Diluted 258,764 259,263
BED BATH & BEYOND INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands, unaudited)
May 30, May 31,
2009 2008
--------- --------
Assets
Current assets:
Cash and cash equivalents $ 855,434 $ 240,255
Short term investment securities 2,000 15,000
Merchandise inventories 1,703,819 1,726,148
Other current assets 272,681 259,917
--------- --------
Total current assets 2,833,934 2,241,320
--------- --------
Long term investment securities 216,196 307,734
Property and equipment, net 1,120,393 1,112,116
Other assets 335,531 325,004
--------- --------
$4,506,054 $3,986,174
========= =========
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $ 603,402 $ 597,011
Accrued expenses and other current
liabilities 247,256 256,083
Merchandise credit and gift card
liabilities 160,629 172,816
Current income taxes payable 55,361 33,235
--------- --------
Total current liabilities 1,066,648 1,059,145
--------- --------
Deferred rent and other liabilities 232,790 198,503
Income taxes payable 96,264 74,753
--------- --------
Total liabilities 1,395,702 1,332,401
--------- --------
Total shareholders' equity 3,110,352 2,653,773
--------- --------
$4,506,054 $3,986,174
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BED BATH & BEYOND INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(in thousands, unaudited)
Three Months Ended
------------------
May 30, May 31,
2009 2008
--------- --------
Cash Flows from Operating Activities:
Net earnings $ 87,172 $ 76,777
Adjustments to reconcile net earnings
to net cash provided by operating activities:
Depreciation 44,779 43,619
Stock-based compensation 11,010 10,377
Tax benefit from stock-based compensation (55) 2,672
Deferred income taxes (5,081) (6,736)
Other 54 -
(Increase) decrease in assets:
Merchandise inventories (61,480) (109,167)
Trading investment securities (2,439) (1,555)
Other current assets (16,998) (17,803)
Other assets 170 (626)
Increase (decrease) in liabilities:
Accounts payable 98,819 44,545
Accrued expenses and other current
liabilities 2,220 (2,868)
Merchandise credit and gift card
liabilities (4,992) 1,564
Income taxes payable 34,856 19,347
Deferred rent and other liabilities 6,274 5,654
--------- --------
Net cash provided by operating activities 194,309 65,800
--------- --------
Cash Flows from Investing Activities:
Redemption of available-for-sale investment
securities 7,600 4,825
Capital expenditures (26,588) (51,673)
Investment in unconsolidated joint venture,
including fees - (4,659)
--------- --------
Net cash used in investing activities (18,988) (51,507)
--------- --------
Cash Flows from Financing Activities:
Proceeds from exercise of stock options 23,303 11,214
Excess tax benefit from stock-based
compensation 1,712 4,315
Repurchase of common stock, including fees (13,111) (13,651)
--------- --------
Net cash provided by financing activities 11,904 1,878
--------- --------
Net increase in cash and cash equivalents 187,225 16,171
Cash and cash equivalents:
Beginning of period 668,209 224,084
--------- --------
End of period $ 855,434 $ 240,255
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SOURCE
CONTACT: INVESTORS,