Welcome!

News Feed Item

Bed Bath & Beyond Inc. Reports Results For Fiscal Year Ended March 1, 2014

- Net Earnings per Diluted Share of $1.60 for Q4; $4.79 for Full Year

UNION, N.J., April 9, 2014 /PRNewswire/ -- Bed Bath & Beyond Inc. today reported net earnings of $1.60 per diluted share ($333.3 million) in the fiscal fourth quarter (thirteen weeks) ended March 1, 2014, compared with net earnings for the fiscal fourth quarter of 2012 (fourteen weeks) of $1.68 per diluted share ($373.9 million).  Net sales for the fiscal fourth quarter of 2013 (thirteen weeks) were approximately $3.203 billion, a decrease of approximately 5.8% from net sales of approximately $3.401 billion reported in the fiscal fourth quarter of 2012 (fourteen weeks).  Comparable store sales in the fiscal fourth quarter of 2013 increased by approximately 1.7%, compared with an increase of approximately 2.5% in last year's fiscal fourth quarter.  Comparable store sales percentages are calculated based on an equivalent number of weeks for each quarter.

During the fiscal fourth quarter of 2013, the Company repurchased approximately $532 million of its common stock, representing approximately 7.5 million shares.  As of March 1, 2014, the remaining balance of the existing share repurchase program authorized in December 2012 was approximately $1.1 billion

For the fiscal year (fifty-two weeks) ended March 1, 2014, the Company reported net earnings of $4.79 per diluted share ($1.022 billion), compared with net earnings a year ago (fifty-three weeks) of $4.56 per diluted share ($1.038 billion).  The fiscal 2013 results included a reduction of approximately $.06 to $.07 per diluted share as a result of the disruptive weather in the fiscal fourth quarter, and the fiscal 2012 results were negatively impacted by Hurricane Sandy in the fiscal third quarter and included a benefit of approximately $.05 per diluted share as a result of an additional week in the fiscal fourth quarter.  Net sales for fiscal 2013 (fifty-two weeks) were approximately $11.504 billion, an increase of approximately 5.4% from net sales of approximately $10.915 billion in fiscal 2012 (fifty-three weeks).  Comparable store sales for fiscal 2013 increased by approximately 2.4% compared with an increase of approximately 2.7% last year.  Comparable store sales are calculated based on an equivalent number of weeks for each annual period. 

The Company is modeling net earnings per diluted share to be approximately $.92 to $.96 for the fiscal first quarter of 2014, and to increase by a mid-single digit percentage for all of fiscal 2014.  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 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 Cost Plus 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 Cost Plus 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 because it represents non-retail activity.  Cost Plus World Market was excluded from the comparable store sales calculations through the end of the fiscal first half of 2013 and is included beginning with the fiscal third quarter of 2013.

As of March 1, 2014, the Company had a total of 1,496 stores, including 1,014 Bed Bath & Beyond stores in all 50 states, the District of Columbia, Puerto Rico and Canada, 265 stores under the names of World Market, Cost Plus World Market or Cost Plus, 90 buybuy BABY stores, 77 stores under the names of Christmas Tree Shops, Christmas Trees Shops andThat! or andThat!, and 50 stores under the names of Harmon or Harmon Face Values.  During the fiscal fourth quarter, the Company opened three Bed Bath & Beyond stores, four buybuy Baby stores, one Harmon Face Values store and one Christmas Tree Shops andThat! store, as well as closed four Cost Plus World Market stores.  Consolidated store space, net of openings and closings for all our concepts, as of March 1, 2014 was approximately 42.6 million square feet. In addition, the Company is a partner in a joint venture which operates four 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, Cost Plus, Christmas Tree Shops, Christmas Tree Shops andThat!, 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 provider 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) 








































 Three Months Ended 


Twelve Months Ended
























 March 1, 


 March 2, 


 March 1, 


 March 2, 







2014


2013


2014


2013







 (unaudited) 


 (unaudited) 


 (unaudited) 























Net sales


$

3,203,314


$

3,401,477


$

11,503,963


$

10,914,585




















Cost of sales



1,905,877



2,006,600



6,938,381



6,525,830






















Gross profit



1,297,437



1,394,877



4,565,582



4,388,755




















Selling, general and administrative expenses


770,364



796,843



2,950,995



2,750,537






















Operating profit



527,073



598,034



1,614,587



1,638,218




















Interest expense, net



(554)



(250)



(1,140)



(4,159)






















Earnings before provision for income taxes


526,519



597,784



1,613,447



1,634,059




















Provision for income taxes 


193,220



223,912



591,157



596,271






















Net earnings


$

333,299


$

373,872


$

1,022,290


$

1,037,788




















Net earnings per share - Basic

$

1.62


$

1.70


$

4.85


$

4.62



Net earnings per share - Diluted

$

1.60


$

1.68


$

4.79


$

4.56




















Weighted average shares outstanding - Basic


205,553



219,778



210,710



224,623



Weighted average shares outstanding - Diluted


208,106



222,631



213,363



227,723



















 

BED BATH & BEYOND INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(in thousands)


















March 1, 


March 2, 







2014


2013








 (unaudited) 





Assets





















Current assets:











 Cash and cash equivalents



$

366,516


$

564,971



 Short term investment securities



489,331



449,933



 Merchandise inventories




2,578,956



2,466,214



 Other current assets




379,807



386,367














        Total current assets




3,814,610



3,867,485













Long term investment securities




87,393



77,325


Property and equipment, net




1,579,804



1,466,667


Goodwill





486,279



483,518


Other assets





387,947



384,957


















$

6,356,033


$

6,279,952













Liabilities and Shareholders' Equity



















Current liabilities:











Accounts payable



$

1,104,668


$

913,365



Accrued expenses and other current liabilities



385,954



393,094



Merchandise credit and gift card liabilities



284,216



251,481



Current income taxes payable



65,121



77,270














       Total current liabilities




1,839,959



1,635,210













Deferred rent and other liabilities




486,996



484,868


Income taxes payable




87,791



80,144














       Total liabilities




2,414,746



2,200,222













Total shareholders' equity




3,941,287



4,079,730


















$

6,356,033


$

6,279,952












 

BED BATH & BEYOND INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(in thousands)






















 Twelve Months Ended 






















March 1, 


March 2, 









2014


2013






















 (unaudited) 





Cash Flows from Operating Activities:

























Net earnings





$

1,022,290


$

1,037,788



Adjustments to reconcile net earnings to net cash













provided by operating activities:













Depreciation






218,809



194,728




Stock-based compensation






56,244



47,163




Tax benefit from stock-based compensation






12,846



13,217




Deferred income taxes






11,841



17,600




Other






(1,784)



702




Increase in assets, net of effect of acquisitions:













     Merchandise inventories






(112,742)



(198,407)




     Trading investment securities






(11,382)



(6,206)




     Other current assets






(4,923)



(43,585)




     Other assets






(3,829)



(9,685)




Increase (decrease) in liabilities, net of effect of acquisitions:













     Accounts payable






178,132



105,251




     Accrued expenses and other current liabilities






(13,532)



(26,412)




     Merchandise credit and gift card liabilities






32,735



36,888




     Income taxes payable






(4,502)



6,598




     Deferred rent and other liabilities






2,983



17,350
















Net cash provided by operating activities






1,383,186



1,192,990















Cash Flows from Investing Activities:

























Purchase of held-to-maturity investment securities






(1,156,634)



(730,976)



Redemption of held-to-maturity investment securities






1,117,500



1,031,249



Redemption of available-for-sale investment securities






-



31,715



Capital expenditures 






(317,180)



(314,682)



Investment in unconsolidated joint venture






(3,436)



-



Payment for acquisitions, net of cash acquired






-



(643,098)



Payment for acquisition of trademarks






-



(40,000)
















Net cash used in investing activities






(359,750)



(665,792)















Cash Flows from Financing Activities:

























Proceeds from exercise of stock options






54,815



56,377



Excess tax benefit from stock-based compensation






7,289



5,021



Payment for credit facility assumed in acquisition






-



(25,511)



Repurchase of common stock, including fees






(1,283,995)



(1,001,280)
















Net cash used in financing activities






(1,221,891)



(965,393)
















Net decrease in cash and cash equivalents






(198,455)



(438,195)















Cash and cash equivalents:












Beginning of period 






564,971



1,003,166



End of period





$

366,516


$

564,971














 

 

SOURCE Bed Bath & Beyond Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
According to Forrester Research, every business will become either a digital predator or digital prey by 2020. To avoid demise, organizations must rapidly create new sources of value in their end-to-end customer experiences. True digital predators also must break down information and process silos and extend digital transformation initiatives to empower employees with the digital resources needed to win, serve, and retain customers.
Businesses are struggling to manage the information flow and interactions between all of these new devices and things jumping on their network, and the apps and IT systems they control. The data businesses gather is only helpful if they can do something with it. In his session at @ThingsExpo, Chris Witeck, Principal Technology Strategist at Citrix, will discuss how different the impact of IoT will be for large businesses, expanding how IoT will allow large organizations to make their legacy ap...
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself. Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive. In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, will discuss how VPaaS enables you to move fast, creating scalable video experiences that reach your...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
One of biggest questions about Big Data is “How do we harness all that information for business use quickly and effectively?” Geographic Information Systems (GIS) or spatial technology is about more than making maps, but adding critical context and meaning to data of all types, coming from all different channels – even sensors. In his session at @ThingsExpo, William (Bill) Meehan, director of utility solutions for Esri, will take a closer look at the current state of spatial technology and ar...
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...
SYS-CON Events announced today that Secure Channels will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The bedrock of Secure Channels Technology is a uniquely modified and enhanced process based on superencipherment. Superencipherment is the process of encrypting an already encrypted message one or more times, either using the same or a different algorithm.
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said “No to LUNs.” With Tintri they mana...
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
What are the new priorities for the connected business? First: businesses need to think differently about the types of connections they will need to make – these span well beyond the traditional app to app into more modern forms of integration including SaaS integrations, mobile integrations, APIs, device integration and Big Data integration. It’s important these are unified together vs. doing them all piecemeal. Second, these types of connections need to be simple to design, adapt and configure...
Creating replica copies to tolerate a certain number of failures is easy, but very expensive at cloud-scale. Conventional RAID has lower overhead, but it is limited in the number of failures it can tolerate. And the management is like herding cats (overseeing capacity, rebuilds, migrations, and degraded performance). Download Slide Deck: ▸ Here In his general session at 18th Cloud Expo, Scott Cleland, Senior Director of Product Marketing for the HGST Cloud Infrastructure Business Unit, discusse...