Printer Friendly

BED BATH & BEYOND REPORTS SECOND QUARTER EARNINGS

 SPRINGFIELD, N.J., Sept. 23 /PRNewswire/ -- Bed Bath & Beyond Inc. (NASDAQ: BBBY) today reported increases in sales and earnings for the second quarter and six months ended Aug. 29, 1993 compared with the like periods a year ago.
 Net sales for the second quarter were approximately $79.1 million compared with $54.0 million for the like quarter last year, an increase of approximately 46.4 percent. Comparable store sales for the second quarter increased by approximately 12.3 percent.
 Net earnings for the second quarter were approximately $6.2 million compared with $4.1 million for the like quarter last year, an increase of approximately 52.6 percent. Net earnings per share for the second quarter were 18 cents compared with 12 cents for the like quarter last year.
 Net sales for the six months ended Aug. 29, 1993 were approximately $136.8 million compared with $95.8 million for the corresponding period last year, an increase of approximately 42.9 percent. Comparable store sales for the six months increased by approximately 9.4 percent.
 Net earnings for the six months were approximately $9.6 million compared with $6.5 million for the like period last year, an increase of approximately 46.8 percent. Net earnings per share for the six months were 28 cents compared with 20 cents for the like 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 STATEMENTS OF EARNINGS
 (In thousands, except per share amounts)
 (Unaudited)
 Three Months Ended Six Months Ended
 Aug. 29, Aug. 30, Aug. 29, Aug. 30,
 1993 1992 1993 1992
 Net sales $79,137 $54,038 $136,823 $95,776
 Cost of sales,
 including buying,
 occupancy and
 indirect costs 46,130 31,379 79,808 55,757
 Gross profit 33,007 22,659 57,015 40,019
 Selling, general
 and administrative
 expenses 22,452 15,806 40,825 28,925
 Bonus compensation 25 130 150 200
 Operating profit 10,530 6,723 16,040 10,894
 Interest income
 (expense), net 26 (27) 76 (159)
 Franchise fees and
 other income 97 107 152 159
 Earnings before
 provision for
 income taxes 10,653 6,803 16,268 10,894
 Provision for
 income taxes 4,424 2,722 6,670 4,358
 Net earnings $6,229 $4,081 $9,598 $6,536
 Net earnings
 per share (a) $.18 $.12 $.28 $.20
 Weighted average
 shares
 outstanding (a) --- --- 34,289,679 33,230,328
 (a) On July 8, 1993, a two-for-one split of the company's common stock was effected. Accordingly, all per share amounts have been adjusted to give effect to the stock split.
 BED BATH & BEYOND INC. AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 (In thousands, unaudited)
 Aug. 29, 1993 Aug. 30, 1992
 Assets
 Current assets:
 Cash and cash equivalents $10,398 $13,271
 Merchandise inventories 51,768 40,034
 Prepaid expenses and other
 current assets 2,038 645
 Total current assets 64,204 53,950
 Property and equipment, net 22,879 13,419
 Deferred income taxes 2,111 1,287
 Other assets 1,362 1,049
 Total assets $90,556 $69,705
 Liabilities and Shareholders'
 Equity
 Current liabilities:
 Accounts payable $13,013 $11,012
 Accrued expenses and other
 current liabilities 8,802 5,358
 Income taxes payable 1,301 5,384
 Total current liabilities 23,116 21,754
 Deferred rent 3,026 2,732
 Total liabilities 26,142 24,486
 Total shareholders' equity 64,414 45,219
 Total liabilities and
 shareholders' equity $90,556 $69,705
 -0- 9/23/93
 /CONTACT: Richard D. Falcone of Bed Bath & Beyond, 201-379-1520/
 (BBBY)


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

MC -- NYON2 -- 5049 09/23/93 08:46 EDT
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:Sep 23, 1993
Words:624
Previous Article:SZL SPORTSIGHT, INC. ANNOUNCES ACQUISITION OF HACKERS, INC.
Next Article:CHAMBERS AGREES TO SELL N.J. TRANSFER STATIONS AND EXTEND SERVICES
Topics:

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