20230930-DK-Butterfly-1 (BBBYQ) 8-K Financial statements and exhibits

Exhibit 99.1

FOR IMMEDIATE RELEASE

BED BATH & BEYOND INC. ANNOUNCES FIRST QUARTER RESULTS
•Net Earnings Increase 24.2% to $57.5 million ($.19 per share)
•Comparable Store Sales Grow by 4.4%

UNION, New Jersey, June 18, 2003 -—Bed Bath & Beyond Inc.today reported net earnings of $57.5 million ($.19 per share) in the fiscal first quarter ended May 31, 2003, an increase of approximately 24.2% from the $46.3 million ($.15 per share) earned in the fiscal first quarter of 2002. Net sales for the fiscal first quarter of 2003 were $893.9 million, an increase of approximately 15.1% from net sales of $776.8 million in the fiscal first quarter of 2002. Comparable store sales in the fiscal first quarter of 2003 grew by approximately 4.4%, compared with an increase of approximately 13.2% in last year’s fiscal first quarter (the largest quarterly increase in comparable store sales in eight years).

As of May 31, 2003, there were 498Bed Bath & Beyondstores operating in 44 states and Puerto Rico, including 8 new stores opened during the fiscal first quarter. Total store space of theBed Bath & Beyondstores at the end of the fiscal first quarter was approximately 17,423,000 square feet, an increase of approximately 15.5% over total store space of approximately 15,081,000 square feet of the 409Bed Bath & Beyondstores operating at the end of the corresponding period last year. Since the beginning of the fiscal second quarter on June 1, 2003, 5 newBed Bath & Beyondstores have been opened, bringing the total number of stores now operating to 503 stores in 44 states and Puerto Rico. Including those already opened year-to-date, the Company plans to open 80 to 90 stores, in both new and existing markets, during fiscal 2003 (which ends on February 28, 2004).

* * * * * * * * *

Bed Bath & Beyond Inc.is a nationwide chain of retail stores. The Company’sBed Bath & Beyondstores sell better quality domestics merchandise and home furnishings. Shares ofBed Bath & Beyondare traded on NASDAQ under the symbol “BBBY” and are included in the Standard & Poor’s 500 Index, the NASDAQ-100 Index and the Forbes 500.

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, estimate, assume, continue, 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, changes in the retailing environment and consumer 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 ability to find suitable locations at reasonable occupancy costs to support the Company’s expansion program; and the cost of labor, merchandise and other costs and expenses. The Company does not undertake any obligation to update its forward-looking statements.

INVESTOR CONTACTS; (at 908/688-0888):

Ronald Curwin
Chief Financial Officer
and Treasurer
Ext. 4550 Kenneth C. Frankel
Director of Financial
Planning
Ext. 4554 Paula J. Marbach
Investor Relations
Ext. 4552
Fax: 908-810-8813

(Tables Follow)

BED BATH & BEYOND INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(in thousands, except per share data)
(unaudited)

		Three Months Ended
		May 31,		June 1,
		2003		2002
Net sales		$	893,868	$	776,798
Cost of sales			526,688		458,436
	Gross profit		367,180		318,362
Selling, general and administrative expenses			276,730		245,661
	Operating profit		90,450		72,701
Interest income			3,059		2,582
	Earnings before provision for income taxes		93,509		75,283
Provision for income taxes			36,001		28,984
	Net earnings	$	57,508	$	46,299
Net earnings per share — Basic		$	0.19	$	0.16
Net earnings per share — Diluted		$	0.19	$	0.15
Weighted average shares outstanding — Basic			294,963		291,726
Weighted average shares outstanding — Diluted			303,038		300,674

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

			May 31,		June 1,
			2003		2002
Assets
Current assets:
	Cash and cash equivalents		$	683,745	$	380,435
	Short term investment securities			50,682		—
	Merchandise inventories			926,906		850,041
	Other current assets			72,477		50,935
		Total current assets		1,733,810		1,281,411
Long term investment securities				140,756		146,673
Property and equipment, net				412,883		357,914
Other assets				22,522		23,951
			$	2,309,971	$	1,809,949
Liabilities and Shareholders’ Equity
Current liabilities:
	Accounts payable		$	379,240	$	329,317
	Accrued expenses and other current liabilities			267,793		225,813
	Income taxes payable			68,010		58,327
		Total current liabilities		715,043		613,457
Deferred rent and other liabilities				60,395		45,232
		Total liabilities		775,438		658,689
Total shareholders’ equity				1,534,533		1,151,260
			$	2,309,971	$	1,809,949

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

				Three Months Ended
				May 31,			June 1,
				2003			2002
Cash Flows from Operating Activities:
	Net earnings			$	57,508		$	46,299
	Adjustments to reconcile net earnings to net cash provided by operating activities:
		Depreciation and amortization			19,781			17,195
		Amortization of bond premium			306			—
		Tax benefit from exercise of stock options			13,129			6,947
		Deferred income taxes			(1,462	)		(3,177	)
		(Increase) decrease in assets, net of effect of acquisition:
			Merchandise inventories		(11,235	)		(80,159	)
			Other current assets		(8,736	)		(3,961	)
			Other assets		17			(1	)
		Increase (decrease) in liabilities, net of effect of acquisition:
			Accounts payable		16,275			52,496
			Accrued expenses and other current liabilities		21,595			30,771
			Income taxes payable		(2,998	)		7,139
			Deferred rent and other liabilities		3,489			4,218
	Net cash provided by operating activities				107,669			77,767
Cash Flows from Investing Activities:
	Purchase of investment securities				(67,812	)		(94,764	)
	Redemption of investment securities				125,000			—
	Acquisition, net of cash acquired				—			(24,097	)
	Capital expenditures				(8,757	)		(11,631	)
	Net cash provided by (used in) investing activities				48,431			(130,492	)
Cash Flows from Financing Activities:
	Proceeds from exercise of stock options				11,975			3,664
	Net cash provided by financing activities				11,975			3,664
	Net increase (decrease) in cash and cash equivalents				168,075			(49,061	)
Cash and cash equivalents:
	Beginning of period				515,670			429,496
	End of period			$	683,745		$	380,435