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BED BATH : & Beyond Inc. Reports Results for Fiscal First Quarter

06/22/2011 | 05:20pm US/Eastern

UNION, N.J., June 22, 2011 /PRNewswire/ -- Bed Bath & Beyond Inc. (Nasdaq: BBBY) today reported net earnings of $.72 per diluted share ($180.6 million) in the fiscal first quarter ended May 28, 2011, an increase of approximately 38% versus net earnings of $.52 per diluted share ($137.6 million) in the same quarter a year ago. Net sales for the fiscal first quarter of 2011 were approximately $2.110 billion, an increase of approximately 9.7% from net sales of approximately $1.923 billion reported in the fiscal first quarter of 2010. Comparable store sales in the fiscal first quarter of 2011 increased by approximately 7.0%, compared with an increase of approximately 8.4% in last year's fiscal first quarter.

During the fiscal first quarter of 2011, the Company repurchased approximately $245 million of its common stock representing approximately 4.8 million shares. This included the completion of the $1 billion share repurchase program authorized in 2007. As of May 28, 2011, the balance remaining of the share repurchase program authorized in December 2010 was approximately $1.892 billion dollars.

The Company is now modeling net earnings per diluted share to be approximately $.77 to $.82 for the fiscal second quarter of 2011 and to increase by approximately 15% to 20% for all of fiscal 2011.

As of May 28, 2011, the Company had a total of 1,142 stores, including 984 Bed Bath & Beyond stores in all 50 states, the District of Columbia, Puerto Rico and Canada, 66 Christmas Tree Shops stores, 47 buybuy BABY stores and 45 stores under the names of Harmon or Harmon Face Values. During the fiscal first quarter, the Company opened three Bed Bath & Beyond stores and two buybuy BABY stores and closed one Bed Bath & Beyond store and one Harmon store. Consolidated store space as of May 28, 2011 was approximately 35.2 million square feet. Since the beginning of the second quarter of fiscal 2011 on May 29, 2011, one additional Bed Bath & Beyond store, one Christmas Tree Shops store and five buybuy BABY stores have been opened. In addition, the Company is a partner in a joint venture which operates two stores in the Mexico City market under the name "Home & More."


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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. In addition, the Company is a partner in a joint venture which operates retail stores in Mexico under the name "Home & More." 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. 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 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; 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; changes to statutory, regulatory and legal requirements; changes to, or new, tax laws or interpretation of existing tax laws; and changes to, or new, accounting standards including, without limitation, changes to lease accounting standards. 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
                                                ------------------

                                               May 28,         May 29,
                                                    2011            2010
                                                    ----            ----

    Net sales                                 $2,109,951      $1,923,051
    Cost of sales                              1,252,379       1,148,015
                                               ---------       ---------
          Gross profit                           857,572         775,036
    Selling, general and
     administrative expenses                     568,624         549,642
                                                 -------         -------
          Operating profit                       288,948         225,394
    Interest income                                  552             516
                                                     ---             ---
          Earnings before provision for
           income taxes                          289,500         225,910
    Provision for income taxes                   108,922          88,357
                                                 -------          ------
          Net earnings                          $180,578        $137,553
                                                ========        ========

    Net earnings per share - Basic                 $0.74           $0.53
    Net earnings per share -
     Diluted                                       $0.72           $0.52

    Weighted average shares
     outstanding -Basic                          245,546         259,400
    Weighted average shares
     outstanding -Diluted                        249,799         263,638

            BED BATH & BEYOND INC. AND SUBSIDIARIES
                  Consolidated Balance Sheets
                   (in thousands, unaudited)



                                                 May 28,          May 29,
                                                      2011             2010
                                                      ----             ----
    Assets

    Current assets:
          Cash and cash equivalents             $1,228,973       $1,083,985
          Short term investment
           securities                              603,901          560,174
          Merchandise inventories                2,083,008        1,846,140
          Other current assets                     363,665          292,054
                                                   -------          -------

                Total current assets             4,279,547        3,782,353
                                                 ---------        ---------

    Long term investment securities                118,343          133,835
    Property and equipment, net                  1,108,621        1,103,367
    Other assets                                   311,022          341,471
                                                   -------          -------

                                                $5,817,533       $5,361,026
                                                ==========       ==========

    Liabilities and Shareholders'
     Equity

    Current liabilities:
          Accounts payable                        $844,247         $678,685
          Accrued expenses and other
           current liabilities                     301,477          271,193
          Merchandise credit and gift
           card liabilities                        192,250          175,404
          Current income taxes payable             111,418           89,400
                                                   -------           ------

                Total current liabilities        1,449,392        1,214,682
                                                 ---------        ---------

    Deferred rent and other
     liabilities                                   304,465          257,312
    Income taxes payable                           127,899          105,813
                                                   -------          -------

                Total liabilities                1,881,756        1,577,807
                                                 ---------        ---------

    Total shareholders' equity                   3,935,777        3,783,219
                                                 ---------        ---------

                                                $5,817,533       $5,361,026
                                                ==========       ==========

              BED BATH & BEYOND INC. AND SUBSIDIARIES
               Consolidated Statements of Cash Flows
                     (in thousands, unaudited)

                                              Three Months Ended
                                              ------------------

                                               May 28,          May 29,
                                                    2011             2010
                                                    ----             ----

    Cash Flows from
     Operating Activities:

          Net earnings                          $180,578         $137,553
          Adjustments to
           reconcile net earnings
           to net cash
                provided by operating
                 activities:
                Depreciation                      44,221           45,013
                Stock-based
                 compensation                     13,717           11,836
                Tax benefit from stock-
                 based compensation               (3,897)          (2,679)
                Deferred income taxes            (14,042)          (1,303)
                Other                               (454)            (304)
                 (Increase) decrease in
                  assets:
                      Merchandise inventories   (114,101)         (86,437)
                      Trading investment
                       securities                 (1,670)          (1,139)
                      Other current assets       (10,726)         (19,122)
                      Other assets                   399              128
                Increase (decrease) in
                 liabilities:
                      Accounts payable           139,926           77,767
                      Accrued expenses and
                       other current
                       liabilities                (5,558)         (10,681)
                      Merchandise credit and
                       gift card liabilities        (811)           2,600
                      Income taxes payable        26,605            7,957
                      Deferred rent and other
                       liabilities                 4,147           11,094
                                                   -----           ------

          Net cash provided by
           operating activities                  258,334          172,283
                                                 -------          -------

    Cash Flows from
     Investing Activities:

          Purchase of held-to-
           maturity investment
           securities                           (365,491)        (377,860)
          Redemption of held-to-
           maturity investment
           securities                            365,625          217,520
          Redemption of
           available-for-sale
           investment securities                   7,050           30,850
          Capital expenditures                   (33,142)         (39,032)
                                                 -------          -------

          Net cash used in
           investing activities                  (25,958)        (168,522)
                                                 -------         --------

    Cash Flows from
     Financing Activities:

          Proceeds from exercise
           of stock options                       57,629           68,364
          Excess tax benefit from
           stock-based
           compensation                              249              962
          Repurchase of common
           stock, including fees                (244,868)         (85,202)
                                                --------          -------

          Net cash used in
           financing activities                 (186,990)         (15,876)
                                                --------          -------

          Net increase (decrease)
           in cash and cash
           equivalents                            45,386          (12,115)

    Cash and cash
     equivalents:
          Beginning of period                  1,183,587        1,096,100
                                               ---------        ---------
          End of period                       $1,228,973       $1,083,985
                                              ==========       ==========

SOURCE Bed Bath & Beyond Inc.

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