Printer Friendly

BED BATH & BEYOND INC. REPORTS FOURTH QUARTER AND YEAR ENDED FEBRUARY 28, 1993 EARNINGS AND MARCH 1993 SALES

 SPRINGFIELD, N.J., March 30 /PRNewswire/ -- Bed Bath & Beyond Inc., (NASDAQ: BBBY) today reported increases in net sales and net earnings for the fourth quarter and year ended Feb. 28, 1993 (fiscal 1992) and increases in net sales for March 1993.
 Net sales for the fourth quarter were approximately $64.5 million compared with $46.8 million for the same quarter last year, an increase of approximately 37.7 percent. Comparable store sales for the quarter increased approximately 10.7 percent.
 Net earnings for the fourth quarter were approximately $5.3 million compared with $3.8 million for the same quarter last year, an increase of approximately 40.2 percent. Net earnings per share for the fourth quarter were $.31 compared with $.23 for the same quarter last year.
 Net sales for fiscal 1992, which ended on Feb. 28, 1993, were approximately $216.7 million compared with $167.6 million for last year, an increase of approximately 29.3 percent. Comparable store sales for the year increased by approximately 7.2 percent.
 Net earnings for fiscal 1992 were approximately $16 million compared with $12 million for last year, an increase of approximately 33.5 percent. Net earnings per share for fiscal 1992 were $.95 compared with $.73 for last year.
 During the year, four new superstores were opened and five existing stores were expanded/relocated, increasing store space by approximately 211,000 square feet or 23.0 percent to 1,128,000 square feet. The total number of stores open at the end of fiscal 1992 was 38 stores compared with 34 stores at the end of last year.
 Net sales for March 1993 (a four week period), the company's first month of fiscal 1993, were approximately $15.9 compared with $12.3 for the corresponding month last year, an increase of approximately 29.0 percent. Comparable store sales for the month increased by .2 percent. Sales in March 1993 were impacted by the temporary closing of nineteen stores located in the eastern part of the United States for all or part of a weekend due to a severe winter storm.
 Bed Bath & Beyond operates a nationwide chain of "superstores" selling better quality domestics merchandise and home furnishings.
 BED BATH & BEYOND AND SUBSIDIARIES
 Consolidated Balance Sheets
 (In Thousands, Unaudited)
 Periods Ended 2/28/93 3/1/92
 Assets
 Current assets:
 Cash and cash equivalents $ 10,095 $ 551
 Merchandise inventories 43,089 40,609
 Prepaid expenses and other
 current assets 672 1,467
 Total current assets 53,856 42,627
 Property and equipment, net 19,645 11,893
 Deferred income taxes 1,699 --
 Other assets 1,454 957
 Total $ 76,654 $ 55,477
 Liabilities and shareholders' equity
 Current liabilities:
 Accounts payable $ 9,804 $ 7,670
 Accrued expenses and other
 current liabilities 5,701 2,902
 Income taxes payable 3,850 100
 Total current liabilities 19,355 10,672
 Long-term debt -- 11,780
 Deferred rent 2,656 2,172
 Sub-total 22,011 24,624
 Total shareholders' equity 54,643 30,853
 Total $ 76,654 $ 55,477
 BED BATH & BEYOND INC. AND SUBSIDIARIES
 Consolidated Statement of Earnings
 (In Thousands, Except Per Share Amounts, Unaudited)
 Period Ended Three Months Twelve Months
 2/28/93 3/1/92 2/28/93 3/1/92
 Net sales $ 64,482 $ 46,803 $ 216,712 $ 167,595
 Cost of sales,
 including buying,
 occupancy and
 indirect costs 37,311 27,036 126,184 97,556
 Gross profit 27,171 19,767 90,528 70,039
 Selling, general and
 administrative
 expenses 18,392 13,047 63,795 48,441
 Bonus compensation 100 487 400 1,950
 Operating profit 8,679 6,233 26,333 19,648
 Interest income
 (expense), net 49 (92) (60) (53)
 Franchise fees and
 other income 95 151 327 325
 Earnings before provision
 for income taxes 8,823 6,292 26,600 19,920
 Provision for income
 taxes 3,529 2,516 10,640 7,968
 Net earnings $ 5,294 $ 3,776 $ 15,960 $ 11,952
 Net earnings per share $ 0.31 $ 0.23 $ 0.95 $ 0.73
 Average shares outstanding -- -- 16,826,074 16,377,201
 -0- 3/30/93
 /CONTACT: Richard D. Falcone, chief financial officer and treasurer of Bed Bath & Beyond, 201-379-1520/
 (BBBY)


CO: Bed Bath & Beyond ST: New Jersey IN: REA SU: ERN

TM-LD -- NY009 -- 0863 03/30/93 08:24 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 30, 1993
Words:719
Previous Article:MEDI-PHYSICS/AMERSHAM HEALTHCARE AND ZENECA PHARMACEUTICALS SET CO-PROMOTION AGREEMENT FOR CANCER PAIN THERAPY AGENT
Next Article:PRAIRIE OIL ROYALTIES COMPANY, LTD. ANNOUNCES EQUITY ISSUE
Topics:


Related Articles
CROWN CRAFTS ANNOUNCES FISCAL 1993 FOURTH QUARTER AND FULL-YEAR FINANCIAL RESULTS
BED BATH & BEYOND REPORTS FIRST QUARTER EARNINGS
BED BATH & BEYOND REPORTS SECOND QUARTER EARNINGS
BED BATH & BEYOND INC. REPORTS THIRD QUARTER EARNINGS
BED BATH & BEYOND INC. REPORTS FOURTH QUARTER AND YEAR ENDED FEBRUARY 27, 1994 EARNINGS
BED BATH & BEYOND INC. REPORTS EARNINGS FOR THE THREE AND NINE MONTHS ENDED NOVEMBER 27, 1994
BED BATH & BEYOND INC. REPORTS FEBRUARY FOURTH QUARTER AND FISCAL YEAR ENDED FEBRUARY 26, 1995 SALES
BED BATH & BEYOND INC. REPORTS MAY AND FIRST QUARTER 1995 SALES
BED BATH & BEYOND INC. REPORTS NET EARNINGS GAINS FOR THE FISCAL FOURTH QUARTER AND FISCAL YEAR ENDED FEBRUARY 25, 1996
Bed Bath & Beyond Inc. Reports Sales Results For Periods Ended August 30, 1997

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters