For the fiscal first half ended
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.
BED BATH & BEYOND INC. AND SUBSIDIARIES Consolidated Statements of Earnings (in thousands, except per share data) (unaudited) Three Months Ended Six Months Ended August 29, August 30, August 29, August 30, 2009 2008 2009 2008 Net sales $1,914,909 $1,853,892 $3,609,249 $3,502,383 Cost of sales 1,141,516 1,114,571 2,169,038 2,107,062 Gross profit 773,393 739,321 1,440,211 1,395,321 Selling, general and administrative expenses 551,362 551,900 1,075,876 1,089,081 Operating profit 222,031 187,421 364,335 306,240 Interest income 1,476 2,946 3,243 7,476 Earnings before provision for income taxes 223,507 190,367 367,578 313,716 Provision for income taxes 87,976 71,099 144,875 117,671 Net earnings $135,531 $119,268 $222,703 $196,045 Net earnings per share - Basic $0.53 $0.46 $0.87 $0.76 Net earnings per share - Diluted $0.52 $0.46 $0.86 $0.76 Weighted average shares outstanding - Basic 257,814 256,726 257,378 256,680 Weighted average shares outstanding - Diluted 259,940 258,979 259,352 259,121 BED BATH & BEYOND INC. AND SUBSIDIARIES Consolidated Balance Sheets (in thousands, unaudited) August 29, August 30, 2009 2008 Assets Current assets: Cash and cash equivalents $1,035,601 $288,556 Short term investment securities 43,125 10,000 Merchandise inventories 1,755,377 1,810,313 Other current assets 289,101 282,771 Total current assets 3,123,204 2,391,640 Long term investment securities 157,193 286,946 Property and equipment, net 1,111,971 1,123,651 Other assets 343,070 330,104 $4,735,438 $4,132,341 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $682,936 $654,626 Accrued expenses and other current liabilities 264,066 255,422 Merchandise credit and gift card liabilities 163,338 170,331 Current income taxes payable 29,159 11,131 Total current liabilities 1,139,499 1,091,510 Deferred rent and other liabilities 236,107 205,644 Income taxes payable 98,928 77,449 Total liabilities 1,474,534 1,374,603 Total shareholders' equity 3,260,904 2,757,738 $4,735,438 $4,132,341 BED BATH & BEYOND INC. AND SUBSIDIARIES Consolidated Statements of Cash Flows (in thousands, unaudited) Six Months Ended August 29, August 30, 2009 2008 Cash Flows from Operating Activities: Net earnings $222,703 $196,045 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation 89,746 87,138 Stock-based compensation 22,137 21,604 Tax benefit from stock-based compensation (964) 266 Deferred income taxes (13,943) (17,565) Other (12) 155 (Increase) decrease in assets: Merchandise inventories (113,038) (193,332) Trading investment securities (4,071) (1,740) Other current assets (32,756) (34,906) Other assets 302 (928) Increase (decrease) in liabilities: Accounts payable 183,176 102,476 Accrued expenses and other current liabilities 19,123 (2,907) Merchandise credit and gift card liabilities (2,283) (921) Income taxes payable 11,318 (61) Deferred rent and other liabilities 10,968 12,725 Net cash provided by operating activities 392,406 168,049 Cash Flows from Investing Activities: Redemption of available-for-sale investment securities 27,245 31,350 Capital expenditures (67,631) (106,711) Investment in unconsolidated joint venture, including fees - (4,764) Net cash used in investing activities (40,386) (80,125) Cash Flows from Financing Activities: Proceeds from exercise of stock options 45,663 12,779 Excess tax benefit from stock-based compensation 2,778 4,394 Repurchase of common stock, including fees (33,069) (40,625) Net cash provided by (used in) financing activities 15,372 (23,452) Net increase in cash and cash equivalents 367,392 64,472 Cash and cash equivalents: Beginning of period 668,209 224,084 End of period $1,035,601 $288,556
SOURCE
Kenneth C. Frankel, +1-908-855-4554 or Lisa S. Kaplowitz, +1-908-855-4083