New York
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0-20214 | 11-2250488 | ||
(State or other jurisdiction | (Commission | (I.R.S. Employer | ||
of incorporation) | File Number) | Identification No.) |
Item 2.02
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Results of Operations and Financial Condition
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Item 9.01
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Financial Statements and Exhibits
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(d)
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Exhibits:
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99.1 |
Press Release issued by Bed Bath & Beyond Inc. on June 24, 2015.
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BED BATH & BEYOND INC.
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(Registrant)
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Date: June 24, 2015
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By: |
/s/ Susan E. Lattmann
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Susan E. Lattmann
Chief Financial Officer and Treasurer
(Principal Financial and Accounting Officer)
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Exhibit No.
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Description
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99.1
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Press Release issued by Bed Bath & Beyond Inc. on June 24, 2015.
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·
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Net Earnings per Diluted Share of $.93
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·
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Quarterly Net Sales Increase by Approximately 3.1%
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·
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Quarterly Comparable Sales Increase by Approximately 2.2% (2.5% on a constant currency basis)
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·
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Modeling Fiscal 2015 Second Quarter Net Earnings per Diluted Share of Approximately $1.18 to $1.23
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·
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Continues to Model Fiscal 2015 Net Earnings per Diluted Share to be Between Relatively Flat and a Mid-Single Digit Percentage Increase
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Janet M. Barth
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(908) 613-5820
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Kenneth C. Frankel
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(908) 855-4554
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Three Months Ended
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May 30,
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May 31,
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2015
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2014
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Net sales
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$ | 2,738,495 | $ | 2,656,698 | ||||
Cost of sales
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1,694,362 | 1,625,813 | ||||||
Gross profit
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1,044,133 | 1,030,885 | ||||||
Selling, general and administrative expenses
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770,864 | 730,184 | ||||||
Operating profit
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273,269 | 300,701 | ||||||
Interest expense, net
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19,901 | 2,094 | ||||||
Earnings before provision for income taxes
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253,368 | 298,607 | ||||||
Provision for income taxes
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94,917 | 111,555 | ||||||
Net earnings
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$ | 158,451 | $ | 187,052 | ||||
Net earnings per share - Basic
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$ | 0.94 | $ | 0.94 | ||||
Net earnings per share - Diluted
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$ | 0.93 | $ | 0.93 | ||||
Weighted average shares outstanding - Basic
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168,772 | 199,619 | ||||||
Weighted average shares outstanding - Diluted
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171,133 | 202,096 |
May 30,
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May 31,
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2015
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2014
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Assets
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Current assets:
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Cash and cash equivalents
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$ | 615,230 | $ | 536,568 | ||||
Short term investment securities
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76,872 | 176,242 | ||||||
Merchandise inventories
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2,844,361 | 2,699,722 | ||||||
Other current assets
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394,238 | 396,174 | ||||||
Total current assets
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3,930,701 | 3,808,706 | ||||||
Long term investment securities
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100,463 | 89,746 | ||||||
Property and equipment, net
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1,657,119 | 1,559,880 | ||||||
Goodwill
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486,279 | 486,279 | ||||||
Other assets
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424,515 | 417,717 | ||||||
$ | 6,599,077 | $ | 6,362,328 | |||||
Liabilities and Shareholders' Equity
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Current liabilities:
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Accounts payable
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$ | 1,133,673 | $ | 1,108,449 | ||||
Accrued expenses and other current liabilities
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431,216 | 369,039 | ||||||
Merchandise credit and gift card liabilities
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317,899 | 290,055 | ||||||
Current income taxes payable
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90,365 | 115,274 | ||||||
Total current liabilities
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1,973,153 | 1,882,817 | ||||||
Deferred rent and other liabilities
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491,095 | 489,334 | ||||||
Income taxes payable
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82,633 | 95,830 | ||||||
Long term debt
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1,500,000 | - | ||||||
Total liabilities
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4,046,881 | 2,467,981 | ||||||
Total shareholders' equity
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2,552,196 | 3,894,347 | ||||||
$ | 6,599,077 | $ | 6,362,328 |
Three Months Ended
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May 30,
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May 31,
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2015
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2014
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Cash Flows from Operating Activities:
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Net earnings
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$ | 158,451 | $ | 187,052 | ||||
Adjustments to reconcile net earnings to net cash
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provided by operating activities:
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Depreciation and amortization
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62,617 | 57,964 | ||||||
Stock-based compensation
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17,740 | 18,162 | ||||||
Tax benefit from stock-based compensation
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6,978 | 5,913 | ||||||
Deferred income taxes
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(4,234 | ) | (21,823 | ) | ||||
Other
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(403 | ) | (298 | ) | ||||
Increase in assets:
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Merchandise inventories
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(112,188 | ) | (119,407 | ) | ||||
Trading investment securities
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(3,363 | ) | (2,293 | ) | ||||
Other current assets
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(26,846 | ) | (22,240 | ) | ||||
Other assets
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(6,909 | ) | (1,758 | ) | ||||
Increase (decrease) in liabilities:
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Accounts payable
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7,307 | 33,417 | ||||||
Accrued expenses and other current liabilities
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27,779 | (16,940 | ) | |||||
Merchandise credit and gift card liabilities
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11,718 | 5,758 | ||||||
Income taxes payable
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16,398 | 58,194 | ||||||
Deferred rent and other liabilities
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(1,017 | ) | 2,267 | |||||
Net cash provided by operating activities
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154,028 | 183,968 | ||||||
Cash Flows from Investing Activities:
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Purchase of held-to-maturity investment securities
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(16,873 | ) | (39,369 | ) | ||||
Redemption of held-to-maturity investment securities
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50,000 | 352,500 | ||||||
Capital expenditures
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(72,364 | ) | (66,932 | ) | ||||
Net cash (used in) provided by investing activities
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(39,237 | ) | 246,199 | |||||
Cash Flows from Financing Activities:
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Proceeds from exercise of stock options
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7,536 | 9,705 | ||||||
Excess tax benefit from stock-based compensation
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2,215 | 1,087 | ||||||
Repurchase of common stock, including fees
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(385,349 | ) | (272,883 | ) | ||||
Net cash used in financing activities
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(375,598 | ) | (262,091 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents
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463 | 1,976 | ||||||
Net (decrease) increase in cash and cash equivalents
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(260,344 | ) | 170,052 | |||||
Cash and cash equivalents:
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Beginning of period
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875,574 | 366,516 | ||||||
End of period
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$ | 615,230 | $ | 536,568 |