UNION, N.J., April 11, 2018 /PRNewswire/ -- Bed Bath
& Beyond Inc. (NASDAQ: BBBY) today reported financial results
for the fiscal fourth quarter (14 weeks) and full year (53 weeks)
ended March 3, 2018.
Fiscal 2017 Fourth Quarter Results
For the fiscal 2017 fourth quarter (14 weeks), the Company
reported net earnings of $1.41 per
diluted share ($194.0 million), which
included a net unfavorable $10.5
million tax expense related to the Tax Cuts and Jobs Act of
2017 (the Tax Act). Excluding the net unfavorable impact from
the Tax Act, net earnings per diluted share in the fiscal 2017
fourth quarter would have been $1.48. Net earnings for the fiscal 2016
fourth quarter (13 weeks) were $1.84
per diluted share ($268.7
million).
Net sales for the fiscal 2017 fourth quarter (14 weeks) were
approximately $3.7 billion, an
increase of approximately 5.2% from the prior year quarter (13
weeks). Comparable sales in the fiscal 2017 fourth quarter
(14 weeks) decreased by approximately 0.6%, and included strong
sales growth from the Company's customer-facing digital channels,
and sales from stores that declined in the mid-single-digit
percentage range.
Fiscal 2017 Full Year Results
For the fiscal full year (53 weeks), the Company reported net
earnings of $3.04 per diluted share
($424.9 million), which included a
net unfavorable $10.5 million tax
expense related to the Tax Act, compared with $4.58 per diluted share ($685.1 million) in the corresponding period a
year ago (52 weeks). Excluding the net unfavorable impact
from the Tax Act, net earnings per diluted share in fiscal 2017
would have been $3.12.
Net sales for fiscal 2017 (53 weeks) were approximately
$12.3 billion, an increase of
approximately 1.1% compared with fiscal 2016 (52 weeks).
Comparable sales for the fiscal 2017 full year (53 weeks) decreased
by approximately 1.3%, and included strong sales growth from the
Company's customer-facing digital channels, and sales from stores
that declined in the mid-single-digit percentage range.
Capital Allocation
As a reflection of the long-term health of the business, and
commitment to creating shareholder value, the Company's Board of
Directors today declared an increase in the quarterly dividend to
$0.16 per share. The increased
quarterly dividend is payable on July 17,
2018 to shareholders of record at the close of business on
June 15, 2018.
During the fiscal 2017 fourth quarter, the Company repurchased
approximately $45 million of its
common stock, representing approximately 2 million shares, under
its existing $2.5 billion share
repurchase program. As of March 3,
2018, the program had a remaining balance of approximately
$1.5 billion.
The Company ended fiscal 2017 with $744
million in cash and investment balances, an increase of
approximately $166 million, compared
with approximately $578 million in
fiscal 2016.
Outlook
Bed Bath & Beyond Inc.'s conference call with analysts and
investors will be held today at 5:00 pm
EDT. During this call, the Company plans to review
certain of its financial planning assumptions for fiscal 2018,
which is a 52-week year.
Based upon its planning assumptions for fiscal 2018, as will be
described in the conference call, the Company is modeling net
earnings per diluted share for the full year to be in the
low-to-mid $2.00 range.
During the conference call, the Company will also outline its
roadmap for continuing the evolution of its foundational structure
to support its mission to be trusted by its customers as the expert
for the home and heart-felt life events, with the following goals:
growing its comparable sales, which it expects to begin in fiscal
2018; moderating the declines in its operating profit and net
earnings per diluted share, in fiscal 2018 and fiscal 2019; and
growing its net earnings per diluted share by fiscal 2020.
Fiscal 2017 Fourth Quarter Conference Call
Bed Bath & Beyond Inc.'s fiscal 2017 fourth quarter
conference call may be accessed by dialing 1-800-446-1671, or if
international, 1-847-413-3362, using conference ID number 46495820.
The replay of the call can be accessed by dialing 1-888-843-7419,
using conference ID number 46495820. The call and replay can
also be accessed via audio webcast on the investor relations
section of our website at www.bedbathandbeyond.com.
About the Company
Bed Bath & Beyond Inc. and subsidiaries (the "Company") is
an omnichannel retailer selling a wide assortment of domestics
merchandise and home furnishings which operates under the names Bed
Bath & Beyond, Christmas Tree Shops, Christmas Tree Shops
andThat! or andThat!, Harmon, Harmon Face Values or Face Values,
buybuy BABY and World Market, Cost Plus World Market or Cost Plus.
Customers can purchase products either in-store, online, with a
mobile device or through a customer contact center. The Company
generally has the ability to have customer purchases picked up
in-store or shipped direct to the customer from the Company's
distribution facilities, stores or vendors. In addition, the
Company operates Of a Kind, an e-commerce website that features
specially commissioned, limited edition items from emerging fashion
and home designers; One Kings Lane,
an authority in home décor and design, offering a unique collection
of select home goods, designer and vintage items;
PersonalizationMall.com, an industry-leading online retailer of
personalized products; Chef Central, an online retailer of
kitchenware, cookware and homeware items catering to cooking and
baking enthusiasts; and Decorist, an online interior design
platform that provides personalized home design services. The
Company also operates Linen Holdings, a provider of 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, chefcentral.com, decorist.com,
harborlinen.com, and t-ygroup.com. As of March 3, 2018, the Company had a total of 1,552
stores, including 1,017 Bed Bath & Beyond stores in all 50
states, the District of Columbia,
Puerto Rico and Canada, 276 stores under the names of World
Market, Cost Plus World Market or Cost Plus, 119 buybuy BABY
stores, 83 stores under the names Christmas Tree Shops, Christmas
Tree Shops andThat! or andThat!, and 57 stores under the names
Harmon, Harmon Face Values or Face Values. During the fiscal
fourth quarter, the Company opened one World Market store, and one
buybuy BABY store, and closed three Bed Bath & Beyond stores
and five World Market stores. The joint venture, to which the
Company is a partner, operates eight stores in Mexico under the name Bed Bath &
Beyond.
Forward-Looking Statements
This press release may contain forward-looking statements.
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; the ability to attract and retain qualified employees
in all areas of the organization; 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; disruptions to the Company's information
technology systems including but not limited to security breaches
of systems protecting consumer and employee information;
reputational risk arising from challenges to the Company's or a
third party 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
Earnings
|
(in
thousands, except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
3,
|
|
February
25,
|
|
March
3,
|
|
February
25,
|
|
|
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
3,716,264
|
|
$
|
3,533,954
|
|
$
|
12,349,301
|
|
$
|
12,215,757
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
|
|
2,382,984
|
|
|
2,190,863
|
|
|
7,906,286
|
|
|
7,639,407
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
1,333,280
|
|
|
1,343,091
|
|
|
4,443,015
|
|
|
4,576,350
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
996,177
|
|
|
913,163
|
|
|
3,681,694
|
|
|
3,441,140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
|
|
337,103
|
|
|
429,928
|
|
|
761,321
|
|
|
1,135,210
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
16,294
|
|
|
16,787
|
|
|
65,661
|
|
|
69,555
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before
provision for income taxes
|
|
320,809
|
|
|
413,141
|
|
|
695,660
|
|
|
1,065,655
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
126,765
|
|
|
144,411
|
|
|
270,802
|
|
|
380,547
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
$
|
194,044
|
|
$
|
268,730
|
|
$
|
424,858
|
|
$
|
685,108
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per
share - Basic
|
$
|
1.41
|
|
$
|
1.86
|
|
$
|
3.05
|
|
$
|
4.61
|
|
|
Net earnings per
share - Diluted
|
$
|
1.41
|
|
$
|
1.84
|
|
$
|
3.04
|
|
$
|
4.58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding - Basic
|
|
137,473
|
|
|
144,835
|
|
|
139,238
|
|
|
148,590
|
|
|
Weighted average
shares outstanding - Diluted
|
|
137,950
|
|
|
145,981
|
|
|
139,739
|
|
|
149,708
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared
per share
|
$
|
0.150
|
|
$
|
0.125
|
|
$
|
0.600
|
|
$
|
0.500
|
|
BED BATH &
BEYOND INC. AND SUBSIDIARIES
|
Consolidated
Balance Sheets
|
(in thousands,
unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
3,
|
|
February
25,
|
|
|
|
|
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
$
|
346,140
|
|
$
|
488,329
|
|
|
Short term
investment securities
|
|
|
378,039
|
|
|
-
|
|
|
Merchandise
inventories
|
|
|
|
2,730,874
|
|
|
2,905,660
|
|
|
Prepaid
expenses and other current assets
|
|
|
516,025
|
|
|
197,912
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
current assets
|
|
|
|
3,971,078
|
|
|
3,591,901
|
|
|
|
|
|
|
|
|
|
|
|
|
Long term investment
securities
|
|
|
|
19,517
|
|
|
89,592
|
|
Property and
equipment, net
|
|
|
|
1,909,289
|
|
|
1,837,129
|
|
Goodwill
|
|
|
|
|
716,283
|
|
|
697,085
|
|
Other
assets
|
|
|
|
|
424,639
|
|
|
606,948
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,040,806
|
|
$
|
6,822,655
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
$
|
1,197,504
|
|
$
|
1,179,088
|
|
|
Accrued expenses and
other current liabilities
|
|
|
633,100
|
|
|
484,114
|
|
|
Merchandise credit
and gift card liabilities
|
|
|
335,081
|
|
|
309,478
|
|
|
Current income taxes
payable
|
|
|
-
|
|
|
59,821
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
|
|
2,165,685
|
|
|
2,032,501
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred rent and
other liabilities
|
|
|
|
431,592
|
|
|
511,303
|
|
Income taxes
payable
|
|
|
|
62,823
|
|
|
67,971
|
|
Long term
debt
|
|
|
|
|
1,492,078
|
|
|
1,491,603
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
|
4,152,178
|
|
|
4,103,378
|
|
|
|
|
|
|
|
|
|
|
|
|
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 341,795
and 339,533 shares, respectively;
|
|
|
|
|
|
|
|
outstanding
140,498 and 146,274 shares, respectively
|
|
3,418
|
|
|
3,395
|
|
|
Additional paid-in
capital
|
|
|
|
2,057,975
|
|
|
1,974,781
|
|
|
Retained
earnings
|
|
|
|
11,343,503
|
|
|
11,003,890
|
|
|
Treasury stock, at
cost; 201,297 and 193,259 shares, respectively
|
|
(10,467,972)
|
|
|
(10,215,539)
|
|
|
Accumulated other
comprehensive loss
|
|
|
(48,296)
|
|
|
(47,250)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
|
|
2,888,628
|
|
|
2,719,277
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,040,806
|
|
$
|
6,822,655
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certain
reclassifications have been made to the Fiscal Year 2016
consolidated balance sheet to conform to the Fiscal Year 2017
consolidated balance sheet presentation.
|
BED BATH &
BEYOND INC. AND SUBSIDIARIES
|
Consolidated
Statements of Cash Flows
|
(in thousands,
unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve
Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
3,
|
|
February
25,
|
|
|
|
|
|
|
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
|
|
$
|
424,858
|
|
$
|
685,108
|
|
|
Adjustments to
reconcile net earnings to net cash
|
|
|
|
|
|
|
|
|
|
provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
|
313,107
|
|
|
290,914
|
|
|
|
Stock-based
compensation
|
|
|
|
70,510
|
|
|
71,911
|
|
|
|
Deferred income
taxes
|
|
|
|
|
175,351
|
|
|
24,878
|
|
|
|
Other
|
|
|
|
|
|
(69)
|
|
|
(1,032)
|
|
|
|
Decrease (increase)
in assets, net of effect of acquisitions:
|
|
|
|
|
|
|
|
|
Merchandise
inventories
|
|
|
|
176,672
|
|
|
(38,493)
|
|
|
|
Trading investment
securities
|
|
|
(16,036)
|
|
|
(18,780)
|
|
|
|
Other current
assets
|
|
|
|
(258,853)
|
|
|
(18,464)
|
|
|
|
Other assets
|
|
|
|
|
(4,754)
|
|
|
(14,480)
|
|
|
|
Increase (decrease)
in liabilities, net of effect of acquisitions:
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
|
13,210
|
|
|
49,458
|
|
|
|
Accrued expenses and other
current liabilities
|
|
|
80,375
|
|
|
(8,586)
|
|
|
|
Merchandise credit and gift
card liabilities
|
|
|
25,510
|
|
|
11,390
|
|
|
|
Income taxes
payable
|
|
|
|
(64,941)
|
|
|
(8,307)
|
|
|
|
Deferred rent and other
liabilities
|
|
|
(75,251)
|
|
|
17,754
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
|
859,689
|
|
|
1,043,271
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of
held-to-maturity investment securities
|
|
|
(292,500)
|
|
|
-
|
|
|
Redemption of
held-to-maturity investment securities
|
|
|
-
|
|
|
86,240
|
|
|
Capital
expenditures
|
|
|
|
|
(375,793)
|
|
|
(373,574)
|
|
|
Investment in
unconsolidated joint venture
|
|
|
-
|
|
|
(3,318)
|
|
|
Payment for
acquisitions, net of cash acquired
|
|
|
(6,119)
|
|
|
(201,277)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
investing activities
|
|
|
|
(674,412)
|
|
|
(491,929)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
exercise of stock options
|
|
|
10,313
|
|
|
20,424
|
|
|
Payment of other
liabilities
|
|
|
|
|
(434)
|
|
|
-
|
|
|
Payment of
dividends
|
|
|
|
|
(80,877)
|
|
|
(55,612)
|
|
|
Repurchase of common
stock, including fees
|
|
|
(252,433)
|
|
|
(547,022)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
financing activities
|
|
|
|
(323,431)
|
|
|
(582,210)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
(4,035)
|
|
|
3,624
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash
and cash equivalents
|
|
|
(142,189)
|
|
|
(27,244)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents:
|
|
|
|
|
|
|
|
|
|
|
Beginning of
period
|
|
|
|
|
488,329
|
|
|
515,573
|
|
|
End of
period
|
|
|
|
|
$
|
346,140
|
|
$
|
488,329
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certain
reclassifications have been made to the Fiscal Year 2016
consolidated statement of cash flows to conform to the Fiscal Year
2017 consolidated cash flows presentation.
|
Non-GAAP Financial Measures
The following information provides reconciliations of a non-GAAP
financial measure presented in this press release. The
Company believes that this non-GAAP financial measure, Net Earnings
Excluding Net Impact of Tax Act, provides meaningful supplemental
information regarding the performance of the Company's
business. This non-GAAP financial measure should not be
considered superior to, but in addition to other financial measures
prepared in accordance with GAAP, including the year-to-year
results. The Company's method of determining this non-GAAP
financial measure 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.
|
Fourth Quarter and
Fiscal Year Reconciliation of Net Earnings
|
to Net Earnings
Excluding Net Impact of Tax Act
|
(unaudited)
|
(in thousands, except
per share data)
|
|
|
Fourteen Weeks Ended
March 3, 2018
|
|
|
|
|
|
|
|
Net Earnings
(as reported)
|
|
Net Impact of
Tax Act (a)
|
|
Net Earnings
Excluding
Net Impact of Tax Act
|
Earnings before
provision for income taxes
|
$320,809
|
|
|
|
$320,809
|
Provision for income
taxes
|
$126,765
|
|
($10,546)
|
|
$116,219
|
Net
earnings
|
$194,044
|
|
$10,546
|
|
$204,590
|
Net earnings per
share - Diluted
|
$1.41
|
|
$0.07
|
|
$1.48
|
|
|
|
|
|
|
|
|
|
|
|
|
Fifty-Three Weeks
Ended March 3, 2018
|
|
|
|
|
|
|
|
Net Earnings
(as reported)
|
|
Net Impact of
Tax Act (a)
|
|
Net Earnings
Excluding
Net Impact of Tax Act
|
Earnings before
provision for income taxes
|
$695,660
|
|
|
|
$695,660
|
Provision for income
taxes
|
$270,802
|
|
($10,546)
|
|
$260,256
|
Net
earnings
|
$424,858
|
|
$10,546
|
|
$435,404
|
Net earnings per
share - Diluted
|
$3.04
|
|
$0.08
|
|
$3.12
|
|
|
|
|
|
|
(a) The net impact of
the Tax Act includes: (1) re-measurement of the Company's deferred
tax assets that existed on December 22, 2017 (the enactment date of
the Tax Act); (2) deferred taxes that were created after
December 22, 2017 that were deducted at the Federal statutory rate
of 32.7%, but will reverse at the newly
enacted 21% Federal rate; (3) the transition tax on accumulated
foreign earnings, and; (4) the decrease
in the Federal statutory rate for fiscal 2017.
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/bed-bath--beyond-inc-reports-results-for-fiscal-2017-fourth-quarter-14-weeks-and-full-year-53-weeks-300628413.html
SOURCE Bed Bath & Beyond