BED BATH & BEYOND REPORTS FIRST QUARTER EARNINGS
BED BATH & BEYOND REPORTS FIRST QUARTER EARNINGS SPRINGFIELD, N.J., June 24 /PRNewswire/ -- Bed Bath & Beyond Inc.
(NASDAQ: BBBY) today reported increases in sales and net earnings for the first quarter ended May 31, 1992, compared with the same period a year ago.
Sales for the quarter were $41.7 million compared with $32.4 million for the corresponding quarter last year, an increase of approximately 29 percent, while comparable store sales increased by 5.7 percent for the quarter. Net earnings for the quarter were $2.5 million compared with $1.7 million for the same quarter last year, an increase of approximately 43 percent. Pro forma earnings per share for the first quarter were $.15 compared with $.10 for the same quarter last year. Bed Bath & Beyond operates a nationwide chain of "superstores" selling better quality domestics merchandise and home furnishings. BED BATH & BEYOND INC. AND AFFILIATES Combined Statements of Earnings (Amounts in thousands, except per share amounts; unaudited) Three months ending 5/31/92 6/2/91 Net sales $41,738 $32,352 Cost of sales, including buying, occupancy and indirect costs 24,378 18,766 Gross profit 17,360 13,586 Selling, general and admin. expenses 13,119 10,292 Bonus compensation 70 488 Operating profit 4,171 2,806 Other income/(expense), net (80) 56 Earnings before provision for pro forma income taxes 4,091 2,862 Provision for pro forma income taxes (A) 1,636 1,145 Pro forma net earnings $ 2,455 $ 1,717 Pro forma net earnings per share (B) $.15 $.10 (A) -- Pro forma net earnings reflect a provision for income taxes on a 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 on June 4, 1992. (B) -- The number of shares of common stock outstanding used to determine pro forma net earnings per share is the sum of the 14,562,508 shares outstanding immediately prior to the initial public offering of the company's common stock on June 4, 1992, and 1,814,693 shares deemed to be sold by the company in the public offering in order to fund a payment of the $28.0 million S Corporation dividend paid from the net proceeds of the public offering. BED BATH & BEYOND INC. AND AFFILIATES Combined Balance Sheets (Amounts in thousands; unaudited) 5/31/92 6/2/91 ASSETS Current assets: Cash and cash equivalents $ 1,534 $(1,105) Merchandise inventories 42,525 24,482 Prepaid expenses and other current assets 1,694 1,379 Total current assets 45,753 24,756 Property and equipment, net 11,939 8,398 Other assets 1,071 2,320 Total $58,763 $35,474 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $10,572 $ 4,971 Accrued expenses and other current liabilities 2,713 3,226 Total current liabilities 13,285 8,197 Long-term debt 8,500 -- Deferred rent 2,442 1,643 Total 24,227 9,840 Shareholders' equity 34,536 25,634 Total $58,763 $35,474 -0- 6/24/92 /CONTACT: Richard D. Falcone, chief financial officer of Bed Bath & Beyond, 201-379-1520/ (BBBY) CO: Bed Bath & Beyond Inc. ST: New Jersey IN: REA SU: ERN
GK-OS -- NY044 -- 3347 06/24/92 14:07 EDT
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|Date:||Jun 24, 1992|
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