Bed Bath & Beyond Inc. Reports Results For Fiscal Year (Fifty-Three Weeks) Ended March 2, 2013

  Bed Bath & Beyond Inc. Reports Results For Fiscal Year (Fifty-Three Weeks)
                             Ended March 2, 2013

- Net Earnings per Diluted Share of $1.68 for Q4; $4.56 for Full Year

- Quarterly Net Sales Increase by Approximately 24.5%

- Quarterly Comparable Store Sales Increase by Approximately 2.5%

- Modeling Fiscal First Quarter 2013 Net Earnings per Diluted Share of
Approximately $0.88 to $0.94

- Modeling Fiscal 2013 (Fifty-Two Weeks) Net Earnings per Diluted Share to
Increase by a Mid Single to a Low Double Digit Percentage Range

PR Newswire

UNION, N.J., April 10, 2013

UNION, N.J., April 10, 2013 /PRNewswire/ --Bed Bath & Beyond Inc. today
reported net earnings of $1.68 per diluted share ($373.9 million) in the
fiscal fourth quarter (fourteen weeks) ended March 2, 2013, an increase of
approximately 14% versus net earnings of $1.48 per diluted share ($351.0
million) in the same quarter a year ago (thirteen weeks). Net sales for the
fiscal fourth quarter (fourteen weeks) of 2012 were approximately $3.401
billion, an increase of approximately 24.5% from net sales of approximately
$2.732 billion reported in the fiscal fourth quarter (thirteen weeks) of
2011. Comparable store sales in the fiscal fourth quarter of 2012 increased
by approximately 2.5%, compared with an increase of approximately 6.8% in last
year's fiscal fourth quarter. 

During the fiscal fourth quarter of 2012, the Company repurchased
approximately $305 million of its common stock, representing approximately 5.3
million shares. As of March 2, 2013, the remaining balance of the existing
share repurchase program authorized in December 2012 was approximately $2.4
billion.

For the fiscal year (fifty-three weeks) ended March 2, 2013, the Company
reported net earnings of $4.56 per diluted share ($1.038 billion), an increase
of approximately 12% over net earnings of $4.06 per diluted share ($989.5
million) in the corresponding period a year ago (fifty-two weeks). Net sales
for fiscal 2012 (fifty-three weeks) were approximately $10.915 billion, an
increase of approximately 14.9% from net sales of approximately $9.500 billion
in the corresponding period a year ago (fifty-two weeks). Comparable store
sales for fiscal 2012 increased by approximately 2.7% compared with an
increase of approximately 5.9% last year. Comparable store sales for the
fiscal fourth quarter and fiscal year are based on 14 weeks and 53 weeks,
respectively, and exclude Cost Plus, Inc. ("World Market") and Linen Holdings.

The Company is modeling net earnings per diluted share to be approximately
$0.88 to $0.94 for the fiscal first quarter of 2013 and to increase by a mid
single to a low double digit percentage range for the full year, which will
include World Market and Linen Holdings for the full fiscal year. The
modeling of net earnings per diluted share is based upon a number of planning
assumptions which will be described in the Company's fourth quarter of fiscal
2012 conference call. Information regarding access to the call is available in
the Investor Relations section of the Company's website,
www.bedbathandbeyond.com.

The accompanying consolidated financial information includes the accounts of
Linen Holdings since the date of its acquisition on June 1, 2012 and World
Market since the date of its acquisition on June 29, 2012. Linen Holdings, a
business-to-business distributor, is excluded from the comparable store sales
calculations and will continue to be excluded on an ongoing basis as long as
it does not meet the Company's definition of comparable store sales. World
Market is excluded from the comparable store sales calculations for the fiscal
fourth quarter and full year of 2012, and will continue to be excluded from
the comparable store sales calculations until after the anniversary of the
acquisition.

As of March 2, 2013, the Company had a total of 1,471 stores, including 1,004
Bed Bath & Beyond stores in all 50 states, the District of Columbia, Puerto
Rico and Canada, 264 stores under the names of World Market, Cost Plus World
Market, or World Market Stores, 74 stores under the names of Christmas Tree
Shops or andThat!, 82 buybuy BABY stores and 47 stores under the names of
Harmon or Harmon Face Values. During the fiscal fourth quarter, the Company
opened one Bed Bath & Beyond store, and four buybuy BABY stores. Consolidated
store space as of March 2, 2013 was approximately 42.0 million square feet.
Since the beginning of the first quarter of fiscal 2013 on March 3, 2013, one
buybuy BABY store and two Bed Bath & Beyond stores have been opened. In
addition, the Company is a partner in a joint venture which during the fiscal
fourth quarter, opened its third store in Mexico, the first under the name Bed
Bath & Beyond, and rebranded its two existing stores as Bed Bath & Beyond.

* * * * * * * *

Bed Bath & Beyond Inc. and subsidiaries (the "Company") operates a chain of
retail stores under the names of Bed Bath & Beyond, World Market, Cost Plus
World Market, World Market Stores, Christmas Tree Shops, andThat!, Harmon,
Harmon Face Values and buybuy BABY. The Company is also a partner in a joint
venture which operates retail stores in Mexico under the name Bed Bath &
Beyond. Through its retail stores, the Company sells a wide assortment of
domestics merchandise and home furnishings. Domestics merchandise includes
categories such as bed linens and related items, bath items and kitchen
textiles. Home furnishings include categories such as kitchen and tabletop
items, fine tabletop, basic housewares, general home furnishings, consumables
and certain juvenile products. Additionally, the Company includes Linen
Holdings, a business-to-business distributor of a variety of textile products,
amenities and other goods to customers in the hospitality, cruise line, food
service, healthcare and other industries. Shares of Bed Bath & Beyond Inc.
are traded on NASDAQ under the symbol "BBBY" and are included in the Standard
and Poor's 500 and Global 1200 Indices and the NASDAQ-100 Index. The Company
is counted among the Fortune 500 and the Forbes 2000.

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, approximate, estimate, assume, continue, model,
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. Such factors
include, without limitation: general economic conditions including the housing
market, a challenging overall macroeconomic environment and related changes in
the retailing environment, 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; civil disturbances
and terrorist acts; unusual weather patterns and natural disasters;
competition from existing and potential competitors; competition from other
channels of distribution; pricing pressures; the ability to attract and retain
associates in all areas of the organization; the cost of labor, merchandise
and other costs and expenses; the ability to find suitable locations at
acceptable occupancy costs and other terms to support the Company's expansion
program; the impact of failed auctions for auction rate securities held by the
Company; uncertainty in financial markets; disruptions to the Company's
information technology systems including but not limited to security breaches
of the Company's systems protecting consumer and employee information;
reputational risk arising from the acts of third parties; changes to
statutory, regulatory and legal requirements; new, or developments in
existing, litigation, claims or assessments; changes to, or new, tax laws or
interpretation of existing tax laws; changes to, or new, accounting standards
including, without limitation, changes to lease accounting standards; and the
integration of acquired businesses. 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)
                    Three Months Ended            Twelve Months Ended
                    March 2,     February 25,  March 2,     February
                                                                  25,
                    2013           2012            2013           2012
                    (unaudited)  (unaudited)   (unaudited)
 Net sales          $  3,401,477   $   2,732,314   $  10,914,585  $ 9,499,890
 Cost of sales         2,006,600       1,568,645      6,525,830     5,568,957
       Gross           1,394,877       1,163,669      4,388,755     3,930,933
       profit
 Selling, general
 and administrative    796,843         612,904        2,750,537     2,362,564
 expenses
       Operating       598,034         550,765        1,638,218     1,568,369
       profit
 Interest (expense)    (250)           3,041          (4,159)       1,119
 income, net
       Earnings
       before
       provision       597,784         553,806        1,634,059     1,569,488
       for income
       taxes
 Provision for         223,912         202,763        596,271       579,951
 income taxes
       Net          $  373,872     $   351,043     $  1,037,788   $ 989,537
       earnings
 Net earnings per   $  1.70        $   1.50        $  4.62        $ 4.12
 share - Basic
 Net earnings per   $  1.68        $   1.48        $  4.56        $ 4.06
 share - Diluted
 Weighted average
 shares outstanding    219,778         233,964        224,623       240,016
 - Basic
 Weighted average
 shares outstanding    222,631         237,506        227,723       243,890
 - Diluted



BED BATH & BEYOND INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands)
                                                 March 2,      February 25,
                                                 2013           2012
                                                 (unaudited)
 Assets
 Current assets:
             Cash and cash equivalents          $  564,971     $  1,003,166
             Short term investment securities      449,933        756,389
             Merchandise inventories               2,466,214      2,071,890
             Other current assets                  386,367        311,494
              Total current assets           3,867,485      4,142,939
 Long term investment securities                    77,325         95,785
 Property and equipment, net                        1,466,667      1,198,255
 Goodwill                                           483,518        198,749
 Other assets                                       384,957        88,818
                                                 $  6,279,952   $  5,724,546
 Liabilities and Shareholders' Equity
 Current liabilities:
             Accounts payable                    $  913,365     $  752,064
             Accrued expenses and other current     393,094        329,174
             liabilities
             Merchandise credit and gift card       251,481        209,646
             liabilities
             Current income taxes payable           77,270         48,246
              Total current liabilities       1,635,210      1,339,130
 Deferred rent and other liabilities                484,868        339,266
 Income taxes payable                               80,144         123,622
              Total liabilities               2,200,222      1,802,018
 Total shareholders' equity                         4,079,730      3,922,528
                                                 $  6,279,952   $  5,724,546

BED BATH & BEYOND INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(in thousands)
                                             Twelve Months Ended
                                             March 2,      February 25,
                                             2013           2012
                                             (unaudited)
 Cash Flows from Operating Activities:
  Net earnings                               $ 1,037,788    $ 989,537
  Adjustments to reconcile net earnings to
  net cash
     provided by operating activities:
     Depreciation                              194,728        183,873
     Stock-based compensation                  47,163         45,223
     Tax benefit from stock-based              13,217         63
     compensation
     Deferred income taxes                     17,600         30,238
     Other                                     702            (1,622)
     (Increase) decrease in assets, net of
     effect of acquisitions:
      Merchandise inventories              (198,407)      (102,983)
      Trading investment securities        (6,206)        (4,538)
      Other current assets                 (43,585)       24,948
      Other assets                         (9,685)        900
     Increase (decrease) in liabilities, net
     of effect of acquisitions:
      Accounts payable                     105,251        31,582
      Accrued expenses and other current   (26,412)       19,822
     liabilities
      Merchandise credit and gift card     36,888         16,585
     liabilities
      Income taxes payable                 6,598          (37,392)
      Deferred rent and other              17,350         29,048
     liabilities
  Net cash provided by operating activities    1,192,990      1,225,284
 Cash Flows from Investing Activities:
  Purchase of held-to-maturity investment      (730,976)      (1,605,851)
  securities
  Redemption of held-to-maturity investment    1,031,249      1,456,250
  securities
  Redemption of available-for-sale             31,715         28,975
  investment securities
  Capital expenditures                        (314,682)      (243,374)
  Payment for acquisitions, net of cash        (643,098)      -
  acquired
  Payment for acquisition of trademarks        (40,000)       -
  Net cash used in investing activities        (665,792)      (364,000)
 Cash Flows from Financing Activities:
  Proceeds from exercise of stock options      56,377         171,088
  Excess tax benefit from stock-based          5,021          5,163
  compensation
  Payment for credit facility assumed in       (25,511)       -
  acquisition
  Repurchase of common stock, including fees   (1,001,280)    (1,217,956)
  Net cash used in financing activities        (965,393)      (1,041,705)
  Net decrease in cash and cash equivalents    (438,195)      (180,421)
 Cash and cash equivalents:
  Beginning of period                         1,003,166      1,183,587
  End of period                              $ 564,971      $ 1,003,166

SOURCE Bed Bath & Beyond Inc.

Website: http://www.bedbathandbeyond.com
Contact: INVESTOR CONTACTS: Kenneth C. Frankel, (908) 855-4554, Eugene A.
Castagna, (908) 855-4110
 
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