- Net Earnings per Diluted Share of
- Quarterly Comparable Store Sales Decrease by 4.3%
- Quarterly Net Sales Decrease by 0.5%
UNION, N.J.,
Net earnings for the fiscal year 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. The SEC Division of Enforcement has concluded its inquiry with respect to matters arising out of and related to the Company's historical stock option grants and procedures and related matters and has advised the Company that the Division is recommending no enforcement action be taken related to this matter.
BED BATH & BEYOND INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(in thousands, except per share data)
Three Months Ended Twelve Months Ended
------------------ -------------------
February 28, March 1, February 28, March 1,
2009 2008 2009 2008
---- ---- ---- ----
(unaudited) (unaudited) (unaudited)
Net sales $1,923,274 $1,933,186 $7,208,340 $7,048,942
Cost of sales 1,138,216 1,134,088 4,335,104 4,123,711
--------- --------- --------- ---------
Gross profit 785,058 799,098 2,873,236 2,925,231
Selling, general and
administrative expenses 553,776 539,656 2,199,340 2,087,209
------- ------- --------- ---------
Operating profit 231,282 259,442 673,896 838,022
Interest income 540 5,635 9,412 27,210
--- ----- ----- ------
Earnings before
provision for income
taxes 231,822 265,077 683,308 865,232
Provision for income taxes 90,444 92,156 258,185 302,424
------ ------ ------- -------
Net earnings $141,378 $172,921 $425,123 $562,808
======= ======= ======= =======
Net earnings per share
- Basic $0.55 $0.67 $1.66 $2.13
Net earnings per share
- Diluted $0.55 $0.66 $1.64 $2.10
Weighted average shares
outstanding - Basic 256,130 258,075 256,410 264,824
Weighted average shares
outstanding - Diluted 258,062 260,852 258,619 268,409
BED BATH & BEYOND INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands)
February 28, March 1,
2009 2008
---- ----
(unaudited)
Assets
Current assets:
Cash and cash equivalents $668,209 $224,084
Short term investment securities 2,000 -
Merchandise inventories 1,642,339 1,616,981
Other current assets 250,251 238,646
------- -------
Total current assets 2,562,799 2,079,711
--------- ---------
Long term investment securities 221,134 326,004
Property and equipment, net 1,148,435 1,121,906
Other assets 336,475 316,472
------- -------
$4,268,843 $3,844,093
========== ==========
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $514,734 $570,605
Accrued expenses and other current
liabilities 247,508 258,989
Merchandise credit and gift card
liabilities 165,621 171,252
Current income taxes payable 25,105 13,266
------ ------
Total current liabilities 952,968 1,014,112
------- ---------
Deferred rent and other liabilities 227,209 192,778
Income taxes payable 88,212 75,375
------ ------
Total liabilities 1,268,389 1,282,265
--------- ---------
Total shareholders' equity 3,000,454 2,561,828
--------- ---------
$4,268,843 $3,844,093
========= =========
BED BATH & BEYOND INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(in thousands)
Twelve Months Ended
-------------------
February 28, March 1,
2009 2008
---- ----
(unaudited)
Cash Flows from Operating Activities:
Net earnings $425,123 $562,808
Adjustments to reconcile net earnings
to net cash provided by operating
activities:
Depreciation 175,601 157,770
Amortization of bond premium - 1,538
Stock-based compensation 43,708 43,755
Tax benefit from stock-based
compensation (1,183) 2,719
Deferred income taxes (22,325) 2,315
Other 476 -
(Increase) decrease in assets, net of
effect of acquisition:
Merchandise inventories (25,358) (96,673)
Trading investment securities (17) (3,020)
Other current assets (3,065) (16,217)
Other assets (954) 529
(Decrease) increase in liabilities,
net of effect of acquisition:
Accounts payable (40,863) (31,764)
Accrued expenses and other
current liabilities (13,301) 15,774
Merchandise credit and gift card
liabilities (5,631) 24,430
Income taxes payable 24,676 (74,530)
Deferred rent and other
liabilities 27,083 25,102
------ ------
Net cash provided by operating
activities 583,970 614,536
------- -------
Cash Flows from Investing Activities:
Redemption of held-to-maturity
investment securities - 494,526
Purchase of available-for-sale
investment securities - (1,495,155)
Redemption of available-for-sale
investment securities 107,550 1,546,430
Capital expenditures (215,859) (358,210)
Investment in unconsolidated
joint venture, including fees (4,786) -
Payment for acquisition, net of
cash acquired - (85,893)
- --------
Net cash (used in) provided by
investing activities (113,095) 101,698
--------- -------
Cash Flows from Financing Activities:
Proceeds from exercise of stock
options 17,650 22,672
Excess tax benefit from stock-based
compensation 3,652 5,990
Repurchase of common stock,
including fees (48,052) (734,193)
-------- ---------
Net cash used in financing
activities (26,750) (705,531)
-------- ---------
Net increase in cash and cash
equivalents 444,125 10,703
Cash and cash equivalents:
Beginning of period 224,084 213,381
------- -------
End of period $668,209 $224,084
======= =======
SOURCE
CONTACT:
1-908-855-4554
or
1-908-855-4083