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BED BATH & BEYOND INC. REPORTS SECOND QUARTER EARNINGS

 BED BATH & BEYOND INC. REPORTS SECOND QUARTER EARNINGS
 SPRINGFIELD, N.J., Sept. 24 /PRNewswire/ -- Bed Bath & Beyond Inc.


(NASDAQ: BBBY) today reported increases in net sales and net earnings for the second quarter and six months ended Aug. 30, 1992 compared with the same periods a year ago.
 Net sales for the second quarter were approximately $54 million compared with $42.8 million for the corresponding period last year, an increase of approximately 26.1 percent. Comparable store sales for the quarter increased by approximately 4.2 percent.
 Net earnings for the second quarter were approximately $4.1 million compared with $3.0 million for the same quarter last year, an increase of approximately 36.6 percent. Pro forma earnings per share for the second quarter were 24 cents compared with 19 cents for the same quarter last year,
 Net sales for the six months ended Aug. 30, 1992 were approximately $95.8 million compared with $75.2 million for the same period last year, an increase of approximately 27.4 percent. Comparable store sales for the six months increased by approximately 4.9 percent.
 Net earnings for the six months were approximately $6.5 million compared with $4.7 million for the same period last year, an increase of approximately 38.9 percent. Pro forma earnings per share for the six months were 39 cents compared with 29 cents for the same period last year.
 Bed Bath & Beyond operates a nationwide chain of "superstores" selling better quality domestics merchandise and home furnishings.
 BED BATH & BEYOND INC. AND SUBSIDIARIES
 Consolidated Balance Sheets
 (Unaudited, amounts in thousands)
 Aug. 30, 1992 Sept. 1, 1991
 Assets
 Current Assets:
 Cash and cash equivalents $13,271 $3,373
 Merchandise inventories 40,034 33,396
 Prepaid expenses and other current assets 645 1,235
 Total current assets 53,950 38,004
 Property and equipment net 13,419 11,259
 Other assets 2,336 1,440
 Total $69,705 $50,703
 Liabilities and Shareholders' Equity
 Current liabilities:
 Accounts payable $11,012 $14,939
 Accrued expenses & other current liabilities 10,742 4,261
 Total current liabilities 21,754 19,200
 Deferred rent 2,732 1,819
 Total 24,486 21,019
 Shareholders' equity 45,219 29,684
 Total $69,705 $50,703
 Consolidated Statements of Earnings
 (Unaudited, amounts in thousands, except per share amounts)
 Three months ended: Aug. 30, 1992 Sept. 1, 1991
 Net sales $54,038 $42,838
 Cost of sales, including buying,
 occupancy and indirect costs 31,379 24,948
 Gross profit 22,659 17,890
 Selling, general and administrative expenses 15,806 12,456
 Bonus compensation 130 487
 Operating profit 6,723 4,947
 Other income (expense), net 80 34
 Earnings before provision for
 pro forma income taxes 6,803 4,981
 Provision for pro forma income taxes(A) 2,722 1,993
 Pro forma net earnings 4,081 2,988
 Pro forma net earnings per share $.24 $.19
 Consolidated Statements of Earnings
 (Unaudited, amounts in thousands, except per share amounts)
 Six months ended: Aug. 30, 1992 Sept. 1, 1991
 Net sales $95,776 $75,190
 Cost of sales, including buying,
 occupancy and indirect costs 55,757 43,714
 Gross profit 40,019 31,476
 Selling, general and administrative expenses 28,925 22,748
 Bonus compensation 200 975
 Operating profit 10,894 7,753
 Other income (expense), net -- 90
 Earnings before provision for
 pro forma income taxes 10,894 7,843
 Provision for pro forma income taxes(A) 4,358 3,138
 Pro forma net earnings 6,536 4,705
 Pro forma net earnings per share $.39 $.29
 Average shares outstanding 16,615,164 16,377,201
 (A) -- Pro forma net earnings reflect a provision for income taxes on pro forma basis as if the company and its affiliates had been liable for federal, state and local income taxes as taxable corporate entities prior to the initial public offering of the company's common stock.
 -0- 9/24/92
 /CONTACT: Richard D. Falcone, chief financial officer and treasurer of Bed Bath & Beyond Inc., 201-379-1520/
 (BBBY) CO: Bed Bath & Beyond Inc. ST: New Jersey IN: REA SU: ERN


LR-TS -- NY034 -- 3081 09/24/92 12:10 EDT
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Publication:PR Newswire
Date:Sep 24, 1992
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