UNION, N.J., Oct. 2, 2019 /PRNewswire/ -- Bed Bath &
Beyond Inc. (Nasdaq: BBBY) today reported financial results for the
second quarter of fiscal 2019 ended August 31, 2019.
Mary A. Winston, Interim CEO,
stated, "We are making good progress against our four key near-term
priorities, including: (1) stabilizing sales and driving top-line
growth; (2) resetting the cost structure; (3) reviewing and
optimizing the Company's asset base, including the portfolio of
retail banners; and (4) refining our organization structure.
Our second quarter financial results reflect the relentless effort
of our teams and our progress in driving the Company's
transformation efforts to delight our customers, enhance our
competitive position, improve our financial performance, and drive
shareholder value."
Fiscal 2019 Second Quarter Results
For the fiscal 2019 second quarter, the Company reported a net
loss of $(1.12) per diluted share
($(138.8) million), which included an
unfavorable impact of approximately $1.46 per diluted share from charges related to
the first wave of transformation initiatives including, severance
costs associated with the corporate workforce reduction and
decision to outsource certain functions, and an inventory write
down. In addition, non-cash store impairment charges were
incurred during the quarter. This compares to net earnings of
$0.36 per diluted share ($48.6 million) for the fiscal 2018 second
quarter. Excluding the severance costs, inventory write down,
and store impairment charges, the Company reported adjusted net
earnings of $0.34 per diluted share ($41.9 million) for the fiscal 2019 second
quarter, compared to adjusted net earnings of $0.38 per diluted share ($52.0 million) for the fiscal 2018 second
quarter, excluding severance costs. Net sales for the fiscal
2019 second quarter were approximately $2.7
billion, a decrease of approximately 7.3% compared to the
prior year period. Comparable sales in the fiscal 2019 second
quarter declined approximately 6.7%.
Capital Allocation
Today, the Company's Board of Directors declared a quarterly
dividend of $0.17 per share payable
on January 14, 2020 to shareholders
of record at the close of business on December 13, 2019.
During the fiscal 2019 second quarter, the Company repurchased
approximately $16.5 million of its
common stock, representing approximately 1.4 million shares.
The Company ended the fiscal 2019 second quarter with
approximately $1.0 billion in cash
and investments, compared with approximately $1.1 billion in cash and investments at the end
of the fiscal 2018 second quarter.
Fiscal 2019 Updated Financial Outlook
Fiscal 2019 full-year results continue to be in line with the
Company's most recent guidance and assumes current investment plans
to drive top-line performance in the back half, as well as its comp
sales trends year to date, and excludes goodwill and other
impairments, severance costs, shareholder activity costs, the
inventory write down, and any incremental impact from tariffs.
Fiscal 2019 full-year net sales are estimated to be around
$11.4 billion and net earnings per
diluted share are estimated to be between $2.08 and $2.13.
Due to the inherent difficulty of forecasting the timing or
amount of items that have not yet occurred and are out of the
Company's control, and that would impact its net earnings per
diluted share, for fiscal 2019 on a GAAP basis, the Company has not
provided a reconciliation of its adjusted net earnings per diluted
share for its fiscal 2019 full-year outlook on a GAAP basis. For
the same reasons, the Company is unable to address the probable
significance of the unavailable information. Forward-looking
non-GAAP financial measures provided without the most directly
comparable GAAP financial measures may vary materially from the
corresponding GAAP financial measures.
CEO Search
The Company has made substantial progress
toward identifying a permanent CEO. The Company remains on track
with its expectation that it will make an announcement soon.
Fiscal 2019 Second Quarter Conference Call and Investor
Presentation
Bed Bath & Beyond Inc.'s fiscal 2019 second quarter
conference call with analysts and investors will be held today at
5:00pm EDT and may be accessed by
dialing 1-888-771-4371, or if international, 1-847-585-4405, using
conference ID number 49010664. The replay of the call will be
available beginning today at 8:00pm
EDT through 8:00pm EDT on Friday,
October 4th, 2019, and can be accessed by dialing
1-888-843-7419, using conference ID number 49010664. The call
and replay can also be accessed via audio webcast on the investor
relations section of the Company's website at
www.bedbathandbeyond.com.
The Company has also made available an Investor Presentation on
the investor relations section of the Company's website at
www.bedbathandbeyond.com.
About the Company
Bed Bath & Beyond Inc. and subsidiaries (the "Company") is
an omnichannel retailer that is the trusted expert for the home and
heart-felt life events. The Company sells a wide assortment of
domestics merchandise and home furnishings. The Company also
provides a variety of textile products, amenities and other goods
to institutional customers in the hospitality, cruise line,
healthcare and other industries. Additionally, the Company is a
partner in a joint venture which operates retail stores in
Mexico under the name Bed Bath
& Beyond.
The Company operates websites at bedbathandbeyond.com,
bedbathandbeyond.ca, worldmarket.com, buybuybaby.com,
buybuybaby.ca, christmastreeshops.com, andthat.com,
harmondiscount.com, facevalues.com, ofakind.com, onekingslane.com,
personalizationmall.com, decorist.com, harborlinen.com, and
t-ygroup.com. As of August 31,
2019, the Company had a total of 1,534 stores, including 993
Bed Bath & Beyond stores in all 50 states, the District of Columbia, Puerto Rico and Canada, 277 stores under the names of World
Market, Cost Plus World Market or Cost Plus, 126 buybuy BABY
stores, 81 stores under the names Christmas Tree Shops, Christmas
Tree Shops andThat! or andThat!, 55 stores under the names Harmon,
Harmon Face Values or Face Values, and two stores under the name
One Kings Lane. During the
fiscal second quarter, the Company closed two Bed Bath & Beyond
stores. The joint venture to which the Company is a partner
operates ten stores in Mexico
under the name Bed Bath & Beyond.
Non-GAAP Information
This press release contains certain non-GAAP information, such
as adjusted net earnings per diluted share, which is intended to
provide visibility into the Company's core operations by excluding
the effects of the goodwill and other impairments, severance costs,
shareholder activity costs, and inventory write down. The
Company's definition and calculation of non-GAAP measures may
differ from that of other companies. Non-GAAP financial
measures should be viewed in addition to, and not as an alternative
for, the Company's reported GAAP financial results.
Forward-Looking Statements
This press release contains forward-looking statements,
including, but not limited to, the Company's outlook for its net
sales and adjusted net earnings per diluted share and its progress
and anticipated progress towards its long-term objectives.
Many of these forward-looking statements can be identified by use
of words such as may, will, expect, anticipate, approximate,
estimate, assume, continue, model, project, plan, goal, and similar
words and phrases. The Company's actual results and future
financial condition may differ materially from those expressed in
any such forward-looking statements as a result of many factors.
Such factors include, without limitation: general economic
conditions including the housing market, a challenging overall
macroeconomic environment and related changes in the retailing
environment; consumer preferences, spending habits and adoption of
new technologies; demographics and other macroeconomic factors that
may impact the level of spending for the types of merchandise sold
by the Company; civil disturbances and terrorist acts; unusual
weather patterns and natural disasters; competition from existing
and potential competitors across all channels; pricing pressures;
liquidity; the ability to achieve anticipated cost savings, and to
not exceed anticipated costs, associated with organizational
changes and investments; the ability to attract and retain
qualified employees in all areas of the organization, including a
permanent Chief Executive Officer; the cost of labor, merchandise
and other costs and expenses; potential supply chain disruption due
to trade restrictions, political instability, labor disturbances,
product recalls, financial or operational instability of suppliers
or carriers, and other items; the ability to find suitable
locations at acceptable occupancy costs and other terms to support
the Company's plans for new stores; the ability to establish and
profitably maintain the appropriate mix of digital and physical
presence in the markets it serves; the ability to assess and
implement technologies in support of the Company's development of
its omnichannel capabilities; uncertainty in financial markets;
volatility in the price of the Company's common stock and its
effect, and the effect of other factors, on the Company's capital
allocation strategy; risks associated with the ability to achieve a
successful outcome for its business concepts and to otherwise
achieve its business strategies; the impact of intangible asset and
other impairments; disruptions to the Company's information
technology systems including but not limited to security breaches
of systems protecting consumer and employee information or other
types of cybercrimes or cybersecurity attacks; reputational risk
arising from challenges to the Company's or a third party product
or service supplier's compliance with various laws, regulations or
standards, including those related to labor, health, safety,
privacy or the environment; reputational risk arising from
third-party merchandise or service vendor performance in direct
home delivery or assembly of product for customers; changes to
statutory, regulatory and legal requirements, including without
limitation proposed changes affecting international trade; changes
to, or new, tax laws or interpretation of existing tax laws; new,
or developments in existing, litigation, claims or assessments;
changes to, or new, accounting standards; foreign currency exchange
rate fluctuations; and the integration of acquired businesses. The
Company does not undertake any obligation to update its
forward-looking statements.
BED BATH
& BEYOND INC. AND SUBSIDIARIES
|
Consolidated Statements of
Operations
|
(in
thousands, except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August
31,
|
|
September
1,
|
|
August
31,
|
|
September
1,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
$
|
2,719,447
|
|
$
|
2,935,018
|
|
$
|
5,292,436
|
|
$
|
5,688,685
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
|
1,992,459
|
|
|
1,946,457
|
|
|
3,678,269
|
|
|
3,735,276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
726,988
|
|
|
988,561
|
|
|
1,614,167
|
|
|
1,953,409
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
880,889
|
|
|
909,703
|
|
|
1,773,643
|
|
|
1,793,322
|
Goodwill and other
impairments
|
|
28,357
|
|
|
-
|
|
|
429,624
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss)
profit
|
|
(182,258)
|
|
|
78,858
|
|
|
(589,100)
|
|
|
160,087
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
16,342
|
|
|
14,611
|
|
|
32,240
|
|
|
31,343
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) earnings
before provision for income taxes
|
|
(198,600)
|
|
|
64,247
|
|
|
(621,340)
|
|
|
128,744
|
|
|
|
|
|
|
|
|
|
|
|
|
(Benefit) provision
for income taxes
|
|
(59,835)
|
|
|
15,608
|
|
|
(111,490)
|
|
|
36,529
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
earnings
|
$
|
(138,765)
|
|
$
|
48,639
|
|
$
|
(509,850)
|
|
$
|
92,215
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) earnings
per share - Basic
|
$
|
(1.12)
|
|
$
|
0.36
|
|
$
|
(4.06)
|
|
$
|
0.68
|
Net (loss) earnings
per share - Diluted
|
$
|
(1.12)
|
|
$
|
0.36
|
|
$
|
(4.06)
|
|
$
|
0.68
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding - Basic
|
|
123,349
|
|
|
135,410
|
|
|
125,481
|
|
|
135,698
|
Weighted average
shares outstanding - Diluted
|
|
123,349
|
|
|
135,675
|
|
|
125,481
|
|
|
136,138
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared
per share
|
$
|
0.17
|
|
$
|
0.16
|
|
$
|
0.34
|
|
$
|
0.32
|
BED BATH &
BEYOND INC. AND SUBSIDIARIES
|
Consolidated
Balance Sheets
|
(in
thousands, except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
August
31,
|
|
September
1,
|
|
2019
|
|
2018
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
983,847
|
|
$
|
869,297
|
|
Short term
investment securities
|
|
-
|
|
|
205,916
|
|
Merchandise
inventories
|
|
2,334,936
|
|
|
2,813,588
|
|
Prepaid
expenses and other current assets
|
|
301,368
|
|
|
387,343
|
|
|
|
|
|
|
Total
current assets
|
|
3,620,151
|
|
|
4,276,144
|
|
|
|
|
|
|
Long term investment
securities
|
|
20,520
|
|
|
19,742
|
Property and
equipment, net
|
|
1,772,667
|
|
|
1,881,957
|
Operating lease
assets
|
|
2,012,681
|
|
|
-
|
Goodwill
|
|
-
|
|
|
716,283
|
Other
assets
|
|
490,359
|
|
|
425,737
|
|
|
|
|
|
|
|
$
|
7,916,378
|
|
$
|
7,319,863
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
$
|
1,073,895
|
|
$
|
1,366,161
|
|
Accrued expenses and
other current liabilities
|
|
615,748
|
|
|
748,629
|
|
Merchandise credit
and gift card liabilities
|
|
341,143
|
|
|
329,227
|
|
Current operating
lease liabilities
|
|
456,324
|
|
|
-
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
2,487,110
|
|
|
2,444,017
|
|
|
|
|
|
|
Other
liabilities
|
|
182,700
|
|
|
427,118
|
Income taxes
payable
|
|
41,683
|
|
|
54,010
|
Operating lease
liabilities
|
|
1,813,015
|
|
|
-
|
Long term
debt
|
|
1,488,167
|
|
|
1,492,310
|
|
|
|
|
|
|
|
Total
liabilities
|
|
6,012,675
|
|
|
4,417,455
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
Preferred stock -
$0.01 par value; authorized - 1,000 shares; no shares issued or
outstanding
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
Common stock - $0.01
par value; authorized - 900,000 shares; issued 343,595 and 342,708,
respectively; outstanding 126,566 and 138,051 shares,
respectively
|
|
3,436
|
|
|
3,427
|
|
Additional paid-in
capital
|
|
2,150,542
|
|
|
2,096,282
|
|
Retained
earnings
|
|
10,521,658
|
|
|
11,386,561
|
|
Treasury stock, at
cost; 217,029 and 204,657 shares, respectively
|
|
(10,714,012)
|
|
|
(10,530,712)
|
|
Accumulated other
comprehensive loss
|
|
(57,921)
|
|
|
(53,150)
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
1,903,703
|
|
|
2,902,408
|
|
|
|
|
|
|
|
|
|
$
|
7,916,378
|
|
$
|
7,319,863
|
BED BATH &
BEYOND INC. AND SUBSIDIARIES
|
Consolidated
Statements of Cash Flows
|
(in thousands,
unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
August
31,
|
|
September
1,
|
|
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
earnings
|
$
|
(509,850)
|
|
$
|
92,215
|
|
Adjustments to
reconcile net (loss) earnings to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
167,972
|
|
|
161,668
|
|
|
Goodwill and other
impairments
|
|
429,624
|
|
|
-
|
|
|
Stock-based
compensation
|
|
31,410
|
|
|
37,043
|
|
|
Deferred income
taxes
|
|
(87,201)
|
|
|
(4,074)
|
|
|
Other
|
|
(3,135)
|
|
|
(1,029)
|
|
|
Decrease (increase)
in assets:
|
|
|
|
|
|
|
|
Merchandise
inventories
|
|
283,884
|
|
|
(85,805)
|
|
|
Trading investment
securities
|
|
21
|
|
|
(4,174)
|
|
|
Other current
assets
|
|
(54,246)
|
|
|
175,479
|
|
|
Other assets
|
|
(1,262)
|
|
|
1,475
|
|
|
Increase (decrease)
in liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
12,250
|
|
|
218,945
|
|
|
Accrued expenses and other
current liabilities
|
|
(3,458)
|
|
|
51,734
|
|
|
Merchandise credit and gift
card liabilities
|
|
1,829
|
|
|
5,774
|
|
|
Income taxes
payable
|
|
(28,056)
|
|
|
(7,268)
|
|
|
Operating lease assets and
liabilities, net
|
|
17,089
|
|
|
-
|
|
|
Other liabilities
|
|
(968)
|
|
|
(2,967)
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
255,903
|
|
|
639,016
|
|
|
|
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of
held-to-maturity investment securities
|
|
(57,000)
|
|
|
(121,625)
|
|
Redemption of
held-to-maturity investment securities
|
|
545,000
|
|
|
298,125
|
|
Capital
expenditures
|
|
(125,210)
|
|
|
(181,541)
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) investing activities
|
|
362,790
|
|
|
(5,041)
|
|
|
|
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment of
dividends
|
|
(43,373)
|
|
|
(43,401)
|
|
Repurchase of common
stock, including fees
|
|
(97,967)
|
|
|
(62,740)
|
|
|
|
|
|
|
|
|
|
Net cash used in
financing activities
|
|
(141,340)
|
|
|
(106,141)
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
|
(167)
|
|
|
(4,677)
|
|
|
|
|
|
|
|
|
|
Net increase in cash,
cash equivalents and restricted cash
|
|
477,186
|
|
|
523,157
|
|
|
|
|
|
|
|
|
Cash, cash
equivalents and restricted cash:
|
|
|
|
|
|
|
Beginning of
period
|
|
529,971
|
|
|
367,140
|
|
End of
period
|
$
|
1,007,157
|
|
$
|
890,297
|
|
|
|
|
|
|
|
|
The Fiscal Year 2018
consolidated statement of cash flows was revised to include
restricted cash due to the adoption of Accounting Standards Update
2016-18 Statement of Cash Flows (Topic 230)in Fiscal Year
2018.
|
Non-GAAP Financial Measures
The following table reconciles non-GAAP financial measures
presented in this press release or that may be presented on the
Company's second quarter conference call with analysts and
investors. The Company believes that these non-GAAP financial
measures provide management, analysts, investors and other users of
the Company's financial information with meaningful supplemental
information regarding the performance of the Company's
business. These non-GAAP financial measures should not be
considered superior to, but in addition to other financial measures
prepared by the Company in accordance with GAAP, including the
year-to-year results. The Company's method of determining
these non-GAAP financial measures may be different from other
companies' methods and, therefore, may not be comparable to those
used by other companies and the Company does not recommend the sole
use of this non-GAAP measure to assess its financial and earnings
performance. The Company has not previously presented
non-GAAP financial measures regarding its results for its fiscal
2018 second quarter. For reasons noted above, the Company is
presenting certain non-GAAP financial measures for its fiscal 2019
second quarter. In order for investors to be able to more
easily compare the Company's performance across periods, the
Company has included comparable reconciliations for the 2018 period
in the reconciliation tables below.
BED BATH &
BEYOND INC. AND SUBSIDIARIES
|
Non-GAAP
Reconciliation
|
(in thousands,
except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
August 31,
2019
|
|
September 1,
2018
|
|
August 31,
2019
|
|
September 1,
2018
|
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported gross
profit
|
$
726,988
|
|
$
988,561
|
|
$1,614,167
|
|
$
1,953,409
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
Inventory write
down
|
193,735
|
|
-
|
|
193,735
|
|
-
|
Total
adjustments
|
193,735
|
|
-
|
|
193,735
|
|
-
|
|
|
|
|
|
|
|
|
Adjusted gross
profit
|
$
920,723
|
|
$
988,561
|
|
$1,807,902
|
|
$
1,953,409
|
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted Gross Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported gross
margin
|
26.7%
|
|
33.7%
|
|
30.5%
|
|
34.3%
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
Inventory write
down
|
7.2%
|
|
0.0%
|
|
3.7%
|
|
0.0%
|
Total
adjustments
|
7.2%
|
|
0.0%
|
|
3.7%
|
|
0.0%
|
|
|
|
|
|
|
|
|
Adjusted gross
margin
|
33.9%
|
|
33.7%
|
|
34.2%
|
|
34.3%
|
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted Selling, General and Administrative
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported selling,
general and administrative expenses
|
$
880,889
|
|
$
909,703
|
|
$1,773,643
|
|
$
1,793,322
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
Severance
costs
|
(22,537)
|
|
(4,559)
|
|
(61,199)
|
|
(13,892)
|
Shareholder activity
costs
|
-
|
|
-
|
|
(8,000)
|
|
-
|
Total
adjustments
|
(22,537)
|
|
(4,559)
|
|
(69,199)
|
|
(13,892)
|
|
|
|
|
|
|
|
|
Adjusted selling,
general and administrative expenses
|
$
858,352
|
|
$
905,144
|
|
$1,704,444
|
|
$
1,779,430
|
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted Selling, General and Administrative Expenses as a Percent
of Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported selling,
general and administrative expenses as a percent of net
sales
|
32.4%
|
|
31.0%
|
|
33.5%
|
|
31.5%
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
Severance
costs
|
(0.8%)
|
|
(0.2%)
|
|
(1.1%)
|
|
(0.2%)
|
Shareholder activity
costs
|
0.0%
|
|
0.0%
|
|
(0.2%)
|
|
0.0%
|
Total
adjustments
|
(0.8%)
|
|
(0.2%)
|
|
(1.3%)
|
|
(0.2%)
|
|
|
|
|
|
|
|
|
Adjusted selling,
general and administrative expenses as a percent of net
sales
|
31.6%
|
|
30.8%
|
|
32.2%
|
|
31.3%
|
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted Net Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported net (loss)
earnings
|
$
(138,765)
|
|
$
48,639
|
|
$
(509,850)
|
|
$
92,215
|
|
|
|
|
|
|
|
|
Pre-tax
adjustments:
|
|
|
|
|
|
|
|
Inventory write
down
|
193,735
|
|
-
|
|
193,735
|
|
-
|
Severance
costs
|
22,537
|
|
4,559
|
|
61,199
|
|
13,892
|
Goodwill and other
impairments (a)
|
28,357
|
|
-
|
|
429,624
|
|
-
|
Shareholder activity
costs
|
-
|
|
-
|
|
8,000
|
|
-
|
Total pre-tax
adjustments
|
244,629
|
|
4,559
|
|
692,558
|
|
13,892
|
|
|
|
|
|
|
|
|
Tax impact of
adjustments
|
(63,964)
|
|
(1,150)
|
|
(125,351)
|
|
(2,768)
|
|
|
|
|
|
|
|
|
Total adjustments,
after tax
|
180,665
|
|
3,409
|
|
567,207
|
|
11,124
|
|
|
|
|
|
|
|
|
Adjusted net
income
|
$
41,900
|
|
$
52,048
|
|
$
57,357
|
|
$
103,339
|
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted Net Earnings per Diluted Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported net (loss)
earnings per diluted share
|
$
(1.12)
|
|
$
0.36
|
|
$
(4.06)
|
|
$
0.68
|
Goodwill and other
impairments, severance, shareholder activity costs, and inventory
write down
|
1.46
|
|
0.02
|
|
4.52
|
|
0.08
|
Adjusted net earnings
per diluted share
|
$
0.34
|
|
$
0.38
|
|
$
0.46
|
|
$
0.76
|
|
|
(a)
|
Goodwill and other
impairments include: (1) goodwill, tradename and store asset
impairments related to the North American Retail reporting unit;
and (2) tradename impairments related to the Institutional Sales
reporting unit.
|
View original
content:http://www.prnewswire.com/news-releases/bed-bath--beyond-inc-reports-results-for-fiscal-2019-second-quarter-300930068.html
SOURCE Bed Bath & Beyond Inc.