New York
|
0-20214
|
11-2250488
|
(State or other jurisdiction
|
(Commission
|
(I.R.S. Employer
|
of incorporation)
|
File Number)
|
Identification No.)
|
Item 2.02
|
Results of Operations and Financial Condition
|
Item 9.01
|
Financial Statements and Exhibits
|
|
(d)
|
Exhibits:
|
99.1
|
Press Release issued by Bed Bath & Beyond Inc. on June 26, 2013.
|
BED BATH & BEYOND INC.
|
||
(Registrant)
|
||
Date: June 26, 2013
|
By: |
/s/ Eugene A. Castagna
|
Eugene A. Castagna
Chief Financial Officer and Treasurer
(Principal Financial and Accounting Officer)
|
||
Exhibit No. | Description | |
99.1
|
Press Release issued by Bed Bath & Beyond Inc. on June 26, 2013.
|
·
|
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
|
Kenneth C. Frankel
|
(908) 855-4554
|
Eugene A. Castagna
|
(908) 855-4110
|
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 liabilities
|
367,116 | 319,851 | ||||||
Merchandise credit and gift card liabilities
|
262,945 | 223,328 | ||||||
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 liabilities
|
(22,018 | ) | (12,346 | ) | ||||
Merchandise credit and gift card liabilities
|
11,464 | 13,682 | ||||||
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 securities
|
337,500 | 421,875 | ||||||
Redemption of available-for-sale investment securities
|
- | 6,475 | ||||||
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 equivalents
|
(125,121 | ) | 72,018 | |||||
Cash and cash equivalents:
|
||||||||
Beginning of period
|
564,971 | 1,003,166 | ||||||
End of period
|
$ | 439,850 | $ | 1,075,184 |