Bed Bath & Beyond Inc. Reports Results for Fiscal Third Quarter |
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By: Bed Bath & Beyond Inc. Posted: 2010-01-07 05:14:20 |
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Bed Bath & Beyond Inc. (Nasdaq: BBBY) today reported net earnings of $.58 per diluted share ($151.3 million) in the fiscal third quarter ended November 28, 2009, an increase of approximately 71% versus net earnings of $.34 per diluted share ($87.7 million) in the same quarter a year ago. Net sales for the fiscal third quarter of 2009 were approximately $1.975 billion, an increase of approximately 10.8% from net sales of approximately $1.783 billion reported in the fiscal third quarter of 2008. Comparable store sales in the fiscal third quarter of 2009 increased by approximately 7.3%, compared with a decrease of approximately 5.6% in last year's fiscal third quarter.
For the fiscal nine months ended November 28, 2009, the Company reported net earnings of $1.44 per diluted share ($374.0 million), an increase of approximately 31% over net earnings of $1.10 per diluted share ($283.7 million) in the corresponding period a year ago. Net sales for the fiscal nine months of 2009 were approximately $5.585 billion, an increase of approximately 5.7% from net sales of approximately $5.285 billion in the corresponding period a year ago. Comparable store sales for the fiscal nine months of 2009 increased by approximately 1.7%, compared with a decrease of approximately 1.7% in last year's fiscal nine months. The Company now estimates that it will earn approximately $.67 to $.71 per diluted share for the fiscal fourth quarter and approximately $2.11 to $2.15 per diluted share for all of fiscal 2009. As of November 28, 2009, the Company had a total of 1,083 stores, including 958 Bed Bath & Beyond stores in 49 states, the District of Columbia, Puerto Rico and Canada, 57 Christmas Tree Shops stores, 26 buybuy BABY stores, and 42 stores under the names of Harmon or Harmon Face Values. During the fiscal third quarter, the Company opened 16 Bed Bath & Beyond stores, seven buybuy BABY stores, four Christmas Tree Shops stores and one Harmon Face Values store and closed one Bed Bath & Beyond store. Consolidated store space as of November 28, 2009 was approximately 33.4 million square feet. Since the beginning of the fiscal fourth quarter on November 29, 2009, three additional Bed Bath & Beyond stores and one Harmon Face Values store have been opened and one Bed Bath & Beyond store has been closed. In addition, through a joint venture, the Company operates two stores in the Mexico City market under the name "Home & More." Bed Bath & Beyond Inc. and subsidiaries (the "Company") is a chain of retail stores, operating under the names of Bed Bath & Beyond, Christmas Tree Shops, Harmon, Harmon Face Values and buybuy BABY. Through a joint venture, the Company also operates retail stores in Mexico under the name "Home & More." The Company sells a wide assortment of domestics merchandise and home furnishings, which include food, giftware, health and beauty care items and infant and toddler merchandise. 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, 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, 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; 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 Nine Months Ended ------------------ ----------------- November November November November 28, 29, 28, 29, 2009 2008 2009 2008 ---- ---- ---- ---- Net sales $1,975,465 $1,782,683 $5,584,714 $5,285,066 Cost of sales 1,163,053 1,089,826 3,332,091 3,196,888 --------- --------- --------- --------- Gross profit 812,412 692,857 2,252,623 2,088,178 Selling, general and administrative expenses 566,801 556,483 1,642,677 1,645,564 ------- ------- --------- --------- Operating profit 245,611 136,374 609,946 442,614 Interest income 737 1,396 3,980 8,872 --- ----- ----- ----- Earnings before provision for income taxes 246,348 137,770 613,926 451,486 Provision for income taxes 95,060 50,070 239,935 167,741 ------ ------ ------- ------- Net earnings $151,288 $87,700 $373,991 $283,745 ======== ======= ======== ======== Net earnings per share - Basic $0.59 $0.34 $1.45 $1.11 Net earnings per share - Diluted $0.58 $0.34 $1.44 $1.10 Weighted average shares outstanding - Basic 258,074 256,150 257,610 256,503 Weighted average shares outstanding - Diluted 260,913 258,174 259,872 258,805 BED BATH & BEYOND INC. AND SUBSIDIARIES Consolidated Balance Sheets (in thousands, unaudited) November 28, November 29, 2009 2008 ---- ---- Assets Current assets: Cash and cash equivalents $854,641 $233,356 Short term investment securities 162,934 4,000 Merchandise inventories 1,954,995 1,920,481 Other current assets 353,419 332,321 ------- ------- Total current assets 3,325,989 2,490,158 --------- --------- Long term investment securities 152,248 230,910 Property and equipment, net 1,118,272 1,134,802 Other assets 331,257 339,520 ------- ------- $4,927,766 $4,195,390 ========== ========== Liabilities and Shareholders' Equity Current liabilities: Accounts payable $718,921 $613,217 Accrued expenses and other current liabilities 281,494 267,882 Merchandise credit and gift card liabilities 162,882 165,837 Current income taxes payable 24,216 7,753 ------ ----- Total current liabilities 1,187,513 1,054,689 --------- --------- Deferred rent and other liabilities 238,660 206,465 Income taxes payable 103,160 80,637 ------- ------ Total liabilities 1,529,333 1,341,791 --------- --------- Total shareholders' equity 3,398,433 2,853,599 --------- --------- $4,927,766 $4,195,390 ========== ========== BED BATH & BEYOND INC. AND SUBSIDIARIES Consolidated Statements of Cash Flows (in thousands, unaudited) Nine Months Ended ----------------- November 28, November 29, 2009 2008 ---- ---- Cash Flows from Operating Activities: Net earnings $373,991 $283,745 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation 137,034 130,744 Stock-based compensation 32,809 32,352 Tax benefit from stock-based compensation (1,805) (890) Deferred income taxes (16,206) (23,709) Other (147) 311 (Increase) decrease in assets: Merchandise inventories (312,656) (303,500) Trading investment securities (4,998) (62) Other current assets (83,633) (69,322) Other assets 377 (869) Increase (decrease) in liabilities: Accounts payable 206,883 62,914 Accrued expenses and other current liabilities 37,363 7,462 Merchandise credit and gift card liabilities (2,739) (5,415) Income taxes payable 10,607 (20,208) Deferred rent and other liabilities 15,216 13,476 ------ ------ Net cash provided by operating activities 392,096 107,029 ------- ------- Cash Flows from Investing Activities: Redemption of available-for-sale investment securities 33,320 95,250 Purchase of held-to-maturity investment securities (119,950) - Capital expenditures (108,619) (162,986) Investment in unconsolidated joint venture, including fees - (4,782) --- ------ Net cash used in investing activities (195,249) (72,518) -------- ------- Cash Flows from Financing Activities: Proceeds from exercise of stock options 53,190 16,172 Excess tax benefit from stock- based compensation 3,028 3,622 Repurchase of common stock, including fees (66,633) (45,033) ------- ------- Net cash used in financing activities (10,415) (25,239) ------- ------- Net increase in cash and cash equivalents 186,432 9,272 Cash and cash equivalents: Beginning of period 668,209 224,084 ------- ------- End of period $854,641 $233,356 ======== ======== |
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