Exhibit 99.1
| BED BATH & BEYOND INC. REPORTS RESULTS |
| | | FOR FISCAL THIRD QUARTER |
| · | Net Earnings per Diluted Share Increase by 71% to $.58 |
| · | Net Sales Increase by 10.8% |
| · | Comparable Store Sales Increase by 7.3% |
| · | Estimates Net Earnings per Diluted Share of $.67 to $.71 for Fourth
Quarter Ending February 27, 2010 |
UNION, New Jersey, January 6, 2010 — Bed Bath & Beyond Inc. today reported net earnings of $.58 per diluted share ($151.3 million) in the fiscal third quarter ended November 28, 2009, an increase of approximately 71% versus net earnings of $.34 per diluted share ($87.7 million) in the same quarter a year ago. Net sales for the fiscal third quarter of 2009 were approximately $1.975 billion, an increase of approximately 10.8% from net sales of approximately $1.783 billion reported in the fiscal third quarter of 2008. Comparable store sales in the fiscal third quarter of 2009 increased by approximately 7.3%, compared with a decrease of approximately 5.6% in last year’s fiscal third quarter.
For the fiscal nine months ended November 28, 2009, the Company reported net earnings of $1.44 per diluted share ($374.0 million), an increase of approximately 31% over net earnings of $1.10 per diluted share ($283.7 million) in the corresponding period a year ago. Net sales for the fiscal nine months of 2009 were approximately $5.585 billion, an increase of approximately 5.7% from net sales of approximately $5.285 billion in the corresponding period a year ago. Comparable store sales for the fiscal nine months of 2009 increased by approximately 1.7%, compared with a decrease of approximately 1.7% in last year’s fiscal nine months.
The Company now estimates that it will earn approximately $.67 to $.71 per diluted share for the fiscal fourth quarter and approximately $2.11 to $2.15 per diluted share for all of fiscal 2009.
As of November 28, 2009, the Company had a total of 1,083 stores, including 958 Bed Bath & Beyond stores in 49 states, the District of Columbia, Puerto Rico and Canada, 57 Christmas Tree Shops stores, 26 buybuy BABY stores, and 42 stores under the names of Harmon or Harmon Face Values. During the fiscal third quarter, the Company opened 16 Bed Bath & Beyond stores, seven buybuy BABY stores, four Christmas Tree Shops stores and one Harmon Face Values store and closed one Bed Bath & Beyond store. Consolidated store space as of November 28, 2009 was approximately 33.4 million square feet. Since the beginning of the fiscal fourth quarter on November 29, 2009, three additional Bed Bath & Beyond stores and one Harmon Face Values store have been opened and one Bed Bath & Beyond store has been closed. In addition, through a joint venture, the Company 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. Through a joint venture, the Company also operates retail stores in Mexico under the name “Home & More.” The Company sells a wide assortment of domestics merchandise and home furnishings, which include food, giftware, health and beauty care items and infant and toddler merchandise. 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, 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 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; and matters arising out of or related to the Company’s stock option grants and procedures and related matters, including any tax implications relating to the Company’s stock option grants. The Company does not undertake any obligation to update its forward-looking statements.
INVESTOR CONTACTS:
Kenneth C. Frankel (908) 855-4554
Lisa S. Kaplowitz (908) 855-4083
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