Bed Bath & Beyond Inc. Reports Net Earnings Increase of 32.9% In Fiscal Fourth Quarter, 31.0% for Fiscal Year

9th Consecutive Year of Record Earnings Since 1992 IPO



Apr 04, 2001, 01:00 ET from Bed Bath & Beyond Inc.

    UNION, N.J., April 4 /PRNewswire/ -- Bed Bath & Beyond Inc. today reported
 net earnings of $64.3 million ($.22 per share) for the fiscal fourth quarter
 (fourteen weeks) ended March 3, 2001, an increase of approximately 32.9% from
 the $48.4 million ($.17 per share) earned in the fiscal fourth quarter
 (thirteen weeks) of 1999.  Net sales for the fourteen weeks ended
 March 3, 2001 were $746.1 million, an increase of approximately 31.1% from the
 fiscal fourth quarter (thirteen weeks) of 1999.  Comparable store sales for
 the fiscal fourth quarter of 2000 increased by approximately 4.9%.  Comparable
 store sales for the fiscal fourth quarter of 1999 increased by approximately
 9.6%.
     Net earnings for the fiscal year (fifty-three weeks) ended March 3, 2001
 totaled $171.9 million ($.59 per share), exceeding fiscal 1999 (fifty-two
 weeks) net earnings of $131.2 million ($.46 per share) by approximately 31.0%.
 Fiscal 2000 was the 9th consecutive year of record earnings since the
 Company's 1992 IPO.  Net sales for fiscal 2000 (fifty-three weeks) were
 $2,396.7 million, an increase of approximately 29.0% from the prior fiscal
 year (fifty-two weeks).  Comparable store sales for fiscal 2000 increased by
 approximately 5.0%.  Comparable store sales for fiscal 1999 increased by
 approximately 9.2%.  All comparable store sales percentages are calculated
 based on an equivalent number of weeks for each period.
     Per share amounts have been adjusted to reflect the two-for-one stock
 split of the Company's common stock on August 11, 2000 (which was effected in
 the form of a 100% stock dividend).
     During the fiscal fourth quarter of 2000 two new superstores were opened.
 At the end of fiscal 2000, Bed Bath & Beyond Inc. operated 311 stores in
 43 states, including 70 new superstores opened during the year.  In addition,
 two stores were expanded during the year.  States entered for the first time
 during fiscal 2000 were Rhode Island, Maine, Mississippi, North Dakota and
 Idaho.  Total store space grew to approximately 12,204,000 square feet, an
 increase of approximately 2,389,000 square feet (24.3%) over total store space
 of approximately 9,815,000 square feet occupied by 241 stores in 38 states
 operating at the end of fiscal 1999.
     Bed Bath & Beyond Inc. plans to open approximately 80 new superstores, in
 both new and existing markets, during fiscal 2001.
 
     Bed Bath & Beyond Inc. is a nationwide chain of superstores selling better
 quality domestics merchandise and home furnishings.  Its stock is traded on
 Nasdaq under the symbol "BBBY" and is included in the Standard & Poor's
 500 Index and the Nasdaq-100 Index.
 
     This press release may contain forward-looking statements.  Important
 factors which may affect these statements are contained in the Company's
 Annual Report to Shareholders for the fiscal year ended February 26, 2000 and
 may be contained in any subsequent reports filed by the Company with the
 Securities and Exchange Commission.
 
                    BED BATH & BEYOND INC. AND SUBSIDIARIES
                      Consolidated Statements of Earnings
                     (in thousands, except per share data)
 
 
                             Three Months Ended        Twelve Months Ended
 
                           March 3,  February 26,     March 3,  February 26,
                               2001          2000         2001          2000
                         (14 Weeks)    (13 Weeks)   (53 Weeks)    (52 Weeks)
 
     Net sales             $746,107      $569,012   $2,396,655    $1,857,505
     Cost of sales,
      including buying,
      occupancy and
      indirect costs        434,305       330,779    1,410,196     1,090,704
     Gross profit           311,802       238,233      986,459       766,801
     Selling, general and
      administrative
      expenses              209,904       161,095      713,621       557,461
     Operating profit       101,898        77,138      272,838       209,340
     Interest income          3,536         2,194        9,001         5,790
     Earnings before
      provision for
      income taxes          105,434        79,332      281,839       215,130
     Provision for
      income taxes           41,119        30,940      109,917        83,901
         Net earnings       $64,315       $48,392     $171,922      $131,229
 
     Net earnings per
      share - Basic           $0.22         $0.17        $0.61         $0.47
     Net earnings per
      share - Diluted         $0.22         $0.17        $0.59         $0.46
     Weighted average
      shares outstanding
      - Basic               286,658       280,750      283,925       279,930
     Weighted average
      shares outstanding
      - Diluted             295,808       288,181      292,876       288,234
 
 
                    BED BATH & BEYOND INC. AND SUBSIDIARIES
                          Consolidated Balance Sheets
                                 (in thousands)
 
                                                     March 3,   February 26,
                                                         2001           2000
 
     Assets
 
     Current assets:
     Cash and cash equivalents                       $239,328       $144,031
     Merchandise inventories                          606,704        470,433
     Prepaid expenses and other current assets         39,681         32,904
 
         Total current assets                         885,713        647,368
 
     Property and equipment, net                      302,656        208,911
     Other assets                                       7,356          9,521
 
                                                   $1,195,725       $865,800
 
     Liabilities and Shareholders' Equity
 
     Current liabilities:
     Accounts payable                                $192,401       $145,114
     Accrued expenses and other current liabilities   128,800        108,079
     Income taxes payable                              31,988         33,590
 
         Total current liabilities                    353,189        286,783
 
     Deferred rent and other liabilities               25,518         19,972
 
         Total liabilities                            378,707        306,755
     Total shareholders' equity                       817,018        559,045
                                                   $1,195,725       $865,800
 
 
                    BED BATH & BEYOND INC. AND SUBSIDIARIES
                     Consolidated Statements of Cash Flows
                                 (in thousands)
 
                                                      Twelve Months Ended
 
                                                     March 3,   February 26,
                                                         2001           2000
                                                   (53 Weeks)     (52 Weeks)
 
     Cash Flows from Operating Activities:
 
     Net earnings                                    $171,922       $131,229
     Adjustments to reconcile net
      earnings to net cash
      provided by operating activities:
     Depreciation and amortization                     46,650         31,625
     Tax benefit from exercise of stock options        48,295          8,932
     Deferred income taxes                            (3,939)        (8,197)
     (Increase) decrease in assets:
     Merchandise inventories                        (136,271)      (110,096)
     Prepaid expenses and other current assets          2,627        (2,347)
     Other assets                                     (1,124)             96
     Increase (decrease) in liabilities:
     Accounts payable                                  47,287         45,744
     Accrued expenses and other current liabilities    20,721         18,354
     Income taxes payable                             (1,602)         16,980
     Deferred rent                                      3,370          3,616
 
     Net cash provided by operating activities        197,936        135,936
 
     Cash Flows from Investing Activities:
 
     Capital expenditures                           (140,395)       (90,098)
 
     Net cash used in investing activities          (140,395)       (90,098)
 
     Cash Flows from Financing Activities:
 
     Proceeds from exercise of stock options           37,756          7,797
 
     Net cash provided by financing activities         37,756          7,797
 
     Net increase in cash and cash equivalents         95,297         53,635
 
     Cash and cash equivalents:
     Beginning of period                              144,031         90,396
     End of period                                   $239,328       $144,031
 
 

SOURCE Bed Bath & Beyond Inc.
    UNION, N.J., April 4 /PRNewswire/ -- Bed Bath & Beyond Inc. today reported
 net earnings of $64.3 million ($.22 per share) for the fiscal fourth quarter
 (fourteen weeks) ended March 3, 2001, an increase of approximately 32.9% from
 the $48.4 million ($.17 per share) earned in the fiscal fourth quarter
 (thirteen weeks) of 1999.  Net sales for the fourteen weeks ended
 March 3, 2001 were $746.1 million, an increase of approximately 31.1% from the
 fiscal fourth quarter (thirteen weeks) of 1999.  Comparable store sales for
 the fiscal fourth quarter of 2000 increased by approximately 4.9%.  Comparable
 store sales for the fiscal fourth quarter of 1999 increased by approximately
 9.6%.
     Net earnings for the fiscal year (fifty-three weeks) ended March 3, 2001
 totaled $171.9 million ($.59 per share), exceeding fiscal 1999 (fifty-two
 weeks) net earnings of $131.2 million ($.46 per share) by approximately 31.0%.
 Fiscal 2000 was the 9th consecutive year of record earnings since the
 Company's 1992 IPO.  Net sales for fiscal 2000 (fifty-three weeks) were
 $2,396.7 million, an increase of approximately 29.0% from the prior fiscal
 year (fifty-two weeks).  Comparable store sales for fiscal 2000 increased by
 approximately 5.0%.  Comparable store sales for fiscal 1999 increased by
 approximately 9.2%.  All comparable store sales percentages are calculated
 based on an equivalent number of weeks for each period.
     Per share amounts have been adjusted to reflect the two-for-one stock
 split of the Company's common stock on August 11, 2000 (which was effected in
 the form of a 100% stock dividend).
     During the fiscal fourth quarter of 2000 two new superstores were opened.
 At the end of fiscal 2000, Bed Bath & Beyond Inc. operated 311 stores in
 43 states, including 70 new superstores opened during the year.  In addition,
 two stores were expanded during the year.  States entered for the first time
 during fiscal 2000 were Rhode Island, Maine, Mississippi, North Dakota and
 Idaho.  Total store space grew to approximately 12,204,000 square feet, an
 increase of approximately 2,389,000 square feet (24.3%) over total store space
 of approximately 9,815,000 square feet occupied by 241 stores in 38 states
 operating at the end of fiscal 1999.
     Bed Bath & Beyond Inc. plans to open approximately 80 new superstores, in
 both new and existing markets, during fiscal 2001.
 
     Bed Bath & Beyond Inc. is a nationwide chain of superstores selling better
 quality domestics merchandise and home furnishings.  Its stock is traded on
 Nasdaq under the symbol "BBBY" and is included in the Standard & Poor's
 500 Index and the Nasdaq-100 Index.
 
     This press release may contain forward-looking statements.  Important
 factors which may affect these statements are contained in the Company's
 Annual Report to Shareholders for the fiscal year ended February 26, 2000 and
 may be contained in any subsequent reports filed by the Company with the
 Securities and Exchange Commission.
 
                    BED BATH & BEYOND INC. AND SUBSIDIARIES
                      Consolidated Statements of Earnings
                     (in thousands, except per share data)
 
 
                             Three Months Ended        Twelve Months Ended
 
                           March 3,  February 26,     March 3,  February 26,
                               2001          2000         2001          2000
                         (14 Weeks)    (13 Weeks)   (53 Weeks)    (52 Weeks)
 
     Net sales             $746,107      $569,012   $2,396,655    $1,857,505
     Cost of sales,
      including buying,
      occupancy and
      indirect costs        434,305       330,779    1,410,196     1,090,704
     Gross profit           311,802       238,233      986,459       766,801
     Selling, general and
      administrative
      expenses              209,904       161,095      713,621       557,461
     Operating profit       101,898        77,138      272,838       209,340
     Interest income          3,536         2,194        9,001         5,790
     Earnings before
      provision for
      income taxes          105,434        79,332      281,839       215,130
     Provision for
      income taxes           41,119        30,940      109,917        83,901
         Net earnings       $64,315       $48,392     $171,922      $131,229
 
     Net earnings per
      share - Basic           $0.22         $0.17        $0.61         $0.47
     Net earnings per
      share - Diluted         $0.22         $0.17        $0.59         $0.46
     Weighted average
      shares outstanding
      - Basic               286,658       280,750      283,925       279,930
     Weighted average
      shares outstanding
      - Diluted             295,808       288,181      292,876       288,234
 
 
                    BED BATH & BEYOND INC. AND SUBSIDIARIES
                          Consolidated Balance Sheets
                                 (in thousands)
 
                                                     March 3,   February 26,
                                                         2001           2000
 
     Assets
 
     Current assets:
     Cash and cash equivalents                       $239,328       $144,031
     Merchandise inventories                          606,704        470,433
     Prepaid expenses and other current assets         39,681         32,904
 
         Total current assets                         885,713        647,368
 
     Property and equipment, net                      302,656        208,911
     Other assets                                       7,356          9,521
 
                                                   $1,195,725       $865,800
 
     Liabilities and Shareholders' Equity
 
     Current liabilities:
     Accounts payable                                $192,401       $145,114
     Accrued expenses and other current liabilities   128,800        108,079
     Income taxes payable                              31,988         33,590
 
         Total current liabilities                    353,189        286,783
 
     Deferred rent and other liabilities               25,518         19,972
 
         Total liabilities                            378,707        306,755
     Total shareholders' equity                       817,018        559,045
                                                   $1,195,725       $865,800
 
 
                    BED BATH & BEYOND INC. AND SUBSIDIARIES
                     Consolidated Statements of Cash Flows
                                 (in thousands)
 
                                                      Twelve Months Ended
 
                                                     March 3,   February 26,
                                                         2001           2000
                                                   (53 Weeks)     (52 Weeks)
 
     Cash Flows from Operating Activities:
 
     Net earnings                                    $171,922       $131,229
     Adjustments to reconcile net
      earnings to net cash
      provided by operating activities:
     Depreciation and amortization                     46,650         31,625
     Tax benefit from exercise of stock options        48,295          8,932
     Deferred income taxes                            (3,939)        (8,197)
     (Increase) decrease in assets:
     Merchandise inventories                        (136,271)      (110,096)
     Prepaid expenses and other current assets          2,627        (2,347)
     Other assets                                     (1,124)             96
     Increase (decrease) in liabilities:
     Accounts payable                                  47,287         45,744
     Accrued expenses and other current liabilities    20,721         18,354
     Income taxes payable                             (1,602)         16,980
     Deferred rent                                      3,370          3,616
 
     Net cash provided by operating activities        197,936        135,936
 
     Cash Flows from Investing Activities:
 
     Capital expenditures                           (140,395)       (90,098)
 
     Net cash used in investing activities          (140,395)       (90,098)
 
     Cash Flows from Financing Activities:
 
     Proceeds from exercise of stock options           37,756          7,797
 
     Net cash provided by financing activities         37,756          7,797
 
     Net increase in cash and cash equivalents         95,297         53,635
 
     Cash and cash equivalents:
     Beginning of period                              144,031         90,396
     End of period                                   $239,328       $144,031
 
 SOURCE  Bed Bath & Beyond Inc.