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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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