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Bed Bath & Beyond Inc. Reports Results for Fiscal First Quarter



       Bed Bath & Beyond Inc. Reports Results for Fiscal First Quarter

- Net Earnings per Diluted Share of $.93

- Quarterly Comparable Store Sales Increase by Approximately 3.4%

- Quarterly Net Sales Increase by Approximately 17.8%

- Modeling Fiscal Second Quarter 2013 Net Earnings per Diluted Share of
Approximately $1.11 to $1.16

- Modeling Fiscal 2013 (Fifty-Two Weeks) Net Earnings per Diluted Share to be
Approximately $4.84 to $5.01, Consistent with Prior Estimate

PR Newswire

UNION, N.J., June 26, 2013

UNION, N.J., June 26, 2013 /PRNewswire/ -- Bed Bath & Beyond Inc. today
reported net earnings of $.93 per diluted share ($202.5 million) in the fiscal
first quarter ended June 1, 2013, an increase of approximately 4.5% versus net
earnings of $.89 per diluted share ($206.8 million) in the same quarter a year
ago.  Net earnings per diluted share for the fiscal first quarter of 2013
included $.01 ($2.6 million) of distinct net tax benefits as compared to $.06
($14.6 million) of distinct net tax benefits in the fiscal first quarter of
2012.  Net sales for the fiscal first quarter of 2013 were approximately
$2.612 billion, an increase of approximately 17.8% from net sales of
approximately $2.218 billion reported in the fiscal first quarter of 2012. 
Comparable store sales in the fiscal first quarter of 2013 increased by
approximately 3.4%, compared with an increase of approximately 3.0% in last
year's fiscal first quarter.  

During the fiscal first quarter of 2013, the Company repurchased approximately
$324 million of its common stock, representing approximately 5.0 million
shares.  As of June 1, 2013, the remaining balance of the existing share
repurchase program authorized in December 2012 was approximately $2.1
billion. 

The Company is modeling net earnings per diluted share to be approximately
$1.11 to $1.16 for the fiscal second quarter of 2013 and, consistent with the
prior estimate, to be approximately $4.84 to $5.01 for the full year, which
will include Cost Plus, Inc. ("World Market") and Linen Holdings for all of
fiscal 2013.  The modeling of net earnings per diluted share is based upon a
number of planning assumptions which will be described in the Company's first
quarter of fiscal 2013 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 for fiscal 2013 includes
the accounts of Linen Holdings and World Market from the beginning of the
fiscal year and for fiscal 2012, 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 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 first quarter of 2013 and will be included
at the beginning of the fiscal third quarter of 2013.

As of June 1, 2013, the Company had a total of 1,478 stores, including 1,008
Bed Bath & Beyond stores in all 50 states, the District of Columbia, Puerto
Rico and Canada, 266 stores under the names of World Market or Cost Plus World
Market, 83 buybuy BABY stores, 73 stores under the names of Christmas Tree
Shops or andThat!, and 48 stores under the names of Harmon or Harmon Face
Values.  During the fiscal first quarter, the Company opened four Bed Bath &
Beyond stores, two World Market stores, one buybuy BABY store and one Harmon
Face Values store and closed one Christmas Tree Shops store. Consolidated
store space as of June 1, 2013 was approximately 42.2 million square feet.
Since the beginning of the fiscal second quarter of 2013 on June 2, 2013, one
buybuy BABY store has been opened.  In addition, the Company is a partner in a
joint venture which operates three stores in the Mexico City market under the
name 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, 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 distributor of
a variety of textile products, amenities and other goods to institutional
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
qualified employees 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; 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) 
  (unaudited) 
                                               Three Months Ended 
                                               June 1,      May 26, 
                                              2013         2012
Net sales                                     $ 2,612,140  $ 2,218,292
Cost of sales                                   1,579,169    1,331,093
   Gross profit                                 1,032,971    887,199
Selling, general and administrative expenses    709,870      573,801
   Operating profit                             323,101      313,398
Interest expense, net                           (225)        (1,056)
   Earnings before provision for income taxes   322,876      312,342
Provision for income taxes                      120,386      105,506
   Net earnings                               $ 202,490    $ 206,836
Net earnings per share - Basic                $ 0.94       $ 0.90
Net earnings per share - Diluted              $ 0.93       $ 0.89
Weighted average shares outstanding - Basic     215,451      229,086
Weighted average shares outstanding - Diluted   218,335      232,683

 

BED BATH & BEYOND INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands, unaudited)
                                                      June 1,      May 26, 
                                                      2013         2012
Assets
Current assets:
             Cash and cash equivalents                $ 439,850    $ 1,075,184
             Short term investment securities           481,804      611,325
             Merchandise inventories                    2,540,723    2,202,846
             Other current assets                       412,772      310,478
                    Total current assets                3,875,149    4,199,833
Long term investment securities                         80,868       94,761
Property and equipment, net                             1,469,757    1,220,245
Goodwill                                                486,279      198,749
Other assets                                            400,595      110,744
                                                      $ 6,312,648  $ 5,824,332
Liabilities and Shareholders' Equity
Current liabilities:
            Accounts payable                          $ 977,297    $ 866,253
            Accrued expenses and other current          367,116      319,851
            liabilities
            Merchandise credit and gift card            262,945      223,328
            liabilities
            Current income taxes payable                126,750      103,042
                   Total current liabilities            1,734,108    1,512,474
Deferred rent and other liabilities                     493,674      341,073
Income taxes payable                                    79,815       96,216
                   Total liabilities                    2,307,597    1,949,763
Total shareholders' equity                              4,005,051    3,874,569
                                                      $ 6,312,648  $ 5,824,332

 

BED BATH & BEYOND INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(in thousands, unaudited)
                                                       Three Months Ended 
                                                      June 1,      May 26, 
                                                      2013         2012
Cash Flows from Operating Activities:
 Net earnings                                         $ 202,490    $ 206,836
 Adjustments to reconcile net earnings to net cash
        provided by operating activities:
        Depreciation                                    52,697       43,410
        Stock-based compensation                        14,803       12,829
        Tax benefit from stock-based compensation       10,213       11,445
        Deferred income taxes                           (17,229)     (10,558)
        Other                                           (302)        (277)
        Increase in assets, net of effect of
        acquisitions:
             Merchandise inventories                    (74,509)     (130,956)
             Trading investment securities              (3,911)      (366)
             Other current assets                       (24,518)     (8,268)
             Other assets                               (3,898)      (2,190)
        Increase (decrease) in liabilities, net of
        effect of acquisitions:
             Accounts payable                           73,497       119,886
             Accrued expenses and other current         (22,018)     (12,346)
        liabilities
             Merchandise credit and gift card           11,464       13,682
        liabilities
             Income taxes payable                       49,151       27,390
             Deferred rent and other liabilities        4,566        1,845
 Net cash provided by operating activities              272,496      272,362
Cash Flows from Investing Activities:
 Purchase of held-to-maturity investment securities     (369,268)    (281,130)
 Redemption of held-to-maturity investment              337,500      421,875
 securities
 Redemption of available-for-sale investment            -            6,475
 securities
 Capital expenditures                                   (64,966)     (70,788)
 Net cash (used in) provided by investing activities    (96,734)     76,432
Cash Flows from Financing Activities:
 Proceeds from exercise of stock options                22,469       26,140
 Excess tax benefit from stock-based compensation       1,084        3,360
 Repurchase of common stock, including fees             (324,436)    (306,276)
 Net cash used in financing activities                  (300,883)    (276,776)
 Net (decrease) increase in cash and cash               (125,121)    72,018
 equivalents
Cash and cash equivalents:
 Beginning of period                                    564,971      1,003,166
 End of period                                        $ 439,850    $ 1,075,184

 

SOURCE Bed Bath & Beyond Inc.

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