UNION, N.J., Jan. 8, 2020 /PRNewswire/ -- Bed Bath &
Beyond Inc. (Nasdaq: BBBY) today reported financial results for the
third quarter of fiscal 2019 ended November 30, 2019.
"I am delighted to have the opportunity to lead this iconic
company," stated Mark J. Tritton,
Bed Bath & Beyond's President and CEO. "Our performance
in the third quarter was unsatisfactory and underscores the
imperative for change and strengthens our sense of priorities and
purpose. We must respond to the challenges we face as a
business, including pressured sales and profitability, and
reconstruct a modern, durable model for long-term profitable
growth. Fortunately, the foundation of the Company's
transformation is well underway, due in large part to the direction
and support of the Board. We will be finalizing the details
of our strategic plan over the next few months and appreciate your
patience as we embark and pursue this journey to position Bed Bath
& Beyond to deliver long-term, sustainable growth."
Fiscal 2019 Third Quarter Results
For the fiscal 2019 third quarter, the Company reported a net
loss of $(0.31) per diluted share
($(38.6) million), which included a
net benefit of $0.07 from the
favorable impact from an adjustment to the incremental inventory
reserve for future markdowns associated with its inventory
initiative, that was partially offset by a non-cash charge for the
impairment of certain store-level assets. This compares to
net earnings of $0.18 per diluted
share ($24.4 million) for the fiscal
2018 third quarter, which included the favorable impact of
$0.16 per diluted share from the gain
on the sale of a building. Excluding these net favorable
impacts in both periods, the Company reported an adjusted net loss
of $(0.38) per diluted share ($(46.9)
million) for the fiscal 2019 third quarter, compared to
adjusted net earnings of $0.02 per
diluted share ($2.7 million) for the
fiscal 2018 third quarter. Net sales for the fiscal 2019
third quarter were $2.8 billion, a
decrease of 9.0% compared to the prior year period.
Comparable sales in the fiscal 2019 third quarter declined
8.3%.
The Company's fiscal 2019 third quarter was significantly
impacted by the calendar shift of the Thanksgiving holiday this
year resulting in one less week of holiday sales compared to the
prior year period. Adjusting for this calendar shift to
include Thanksgiving and Cyber Monday weeks in both periods,
comparable sales for the fiscal 2019 third quarter declined
3.6%. During the key five-day shopping period from
Thanksgiving to Cyber Monday for both this year and last year,
comparable sales on a shifted basis increased 7.1%.
Capital Allocation
Today, the Company's Board of Directors declared a quarterly
dividend of $0.17 per share payable
on April 14, 2020 to shareholders of
record at the close of business on March 13,
2020.
The Company repurchased $1.2
million of its common stock, representing 87,000 shares,
during the fiscal 2019 third quarter.
The Company ended the fiscal 2019 third quarter with
$920 million in cash and investments,
compared with $1.0 billion in cash
and investments at the end of the fiscal 2018 third quarter.
Outlook
The Company expects its sales and profitability to remain
pressured during the fiscal 2019 fourth quarter. Considering
these headwinds reflected in the Company's results to date, and the
ongoing work by recently appointed President & CEO Mark Tritton to assess the business and finalize
the details of the Company's go-forward strategic plan as well as
the extensive senior leadership changes within the past month,
the Company believes it is appropriate to withdraw its fiscal 2019
full year financial guidance.
Fiscal 2019 Third Quarter Conference Call and Investor
Presentation
Bed Bath & Beyond Inc.'s fiscal 2019 third quarter
conference call with analysts and investors will be held today at
5:00pm ET and may be accessed by
dialing 1-888-771-4371, or if international, 1-847-585-4405, using
conference ID number 49249207. The replay of the call will be
available beginning today at 8:00pm
ET through 8:00pm ET on Friday,
January 10th, 2020, and can be accessed by dialing
1-888-843-7419, using conference ID number 49249207. 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 makes it easy for our customers to
feel at home. 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, onekingslane.com,
personalizationmall.com, decorist.com, harborlinen.com, and
t-ygroup.com. As of November 30, 2019, the Company had a
total of 1,524 stores, including 981 Bed Bath & Beyond stores
in all 50 states, the District of
Columbia, Puerto Rico and
Canada, 278 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 three stores
under the name One Kings Lane.
During the fiscal third quarter, the Company opened four stores
including one Bed Bath & Beyond store, two Cost Plus World
Market stores and one One Kings Lane
store. Also during the fiscal third quarter, the Company
closed 14 stores including 13 Bed Bath & Beyond stores and one
Cost Plus World Market store. 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, incremental inventory reserve for
future markdowns, and the gain on the sale of a building. 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 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; 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; and foreign
currency exchange rate fluctuations. 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
|
|
Nine Months
Ended
|
|
November 30,
2019
|
|
December 1,
2018
|
|
November 30,
2019
|
|
December 1,
2018
|
|
|
|
|
|
|
|
|
Net sales
|
$
|
2,759,322
|
|
$
|
3,032,231
|
|
$
|
8,051,758
|
|
$
|
8,720,916
|
|
|
|
|
|
|
|
|
Cost of
sales
|
1,845,485
|
|
2,028,521
|
|
5,523,754
|
|
5,763,797
|
|
|
|
|
|
|
|
|
Gross profit
|
913,837
|
|
1,003,710
|
|
2,528,004
|
|
2,957,119
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
931,814
|
|
954,197
|
|
2,705,457
|
|
2,747,519
|
|
|
|
|
|
|
|
|
Goodwill and other
impairments
|
11,781
|
|
—
|
|
441,405
|
|
—
|
|
|
|
|
|
|
|
|
Operating (loss) profit
|
(29,758)
|
|
49,513
|
|
(618,858)
|
|
209,600
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
17,179
|
|
22,691
|
|
49,419
|
|
54,034
|
|
|
|
|
|
|
|
|
(Loss) earnings before provision for income taxes
|
(46,937)
|
|
26,822
|
|
(668,277)
|
|
155,566
|
|
|
|
|
|
|
|
|
(Benefit) provision
for income taxes
|
(8,385)
|
|
2,468
|
|
(119,875)
|
|
38,997
|
|
|
|
|
|
|
|
|
Net (loss) earnings
|
$
|
(38,552)
|
|
$
|
24,354
|
|
$
|
(548,402)
|
|
$
|
116,569
|
|
|
|
|
|
|
|
|
Net (loss) earnings
per share - Basic
|
$
|
(0.31)
|
|
$
|
0.18
|
|
$
|
(4.40)
|
|
$
|
0.86
|
Net (loss) earnings
per share - Diluted
|
$
|
(0.31)
|
|
$
|
0.18
|
|
$
|
(4.40)
|
|
$
|
0.86
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding - Basic
|
123,099
|
|
133,811
|
|
124,688
|
|
135,070
|
Weighted average
shares outstanding - Diluted
|
123,099
|
|
133,998
|
|
124,688
|
|
135,425
|
|
|
|
|
|
|
|
|
Dividends declared
per share
|
$
|
0.17
|
|
$
|
0.16
|
|
$
|
0.51
|
|
$
|
0.48
|
BED BATH &
BEYOND INC. AND SUBSIDIARIES
|
Consolidated
Balance Sheets
|
(in thousands,
except per share data)
|
(unaudited)
|
|
|
November 30,
2019
|
|
December 1,
2018
|
Assets
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash equivalents
|
$
|
900,077
|
|
$
|
762,513
|
Short term investment securities
|
—
|
|
238,267
|
Merchandise inventories
|
2,543,247
|
|
3,005,548
|
Prepaid expenses and other current assets
|
361,116
|
|
474,285
|
|
|
|
|
Total
current assets
|
3,804,440
|
|
4,480,613
|
|
|
|
|
Long term investment
securities
|
20,103
|
|
19,817
|
Property and
equipment, net
|
1,749,543
|
|
1,866,086
|
Operating lease
assets
|
1,947,008
|
|
—
|
Goodwill
|
—
|
|
716,283
|
Other
assets
|
490,894
|
|
453,945
|
|
|
|
|
|
$
|
8,011,988
|
|
$
|
7,536,744
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable
|
$
|
1,210,274
|
|
$
|
1,554,353
|
Accrued expenses and other current liabilities
|
690,890
|
|
793,916
|
Merchandise credit and gift card liabilities
|
337,515
|
|
330,759
|
Current operating lease liabilities
|
459,364
|
|
—
|
|
|
|
|
Total
current liabilities
|
2,698,043
|
|
2,679,028
|
|
|
|
|
Other
liabilities
|
185,247
|
|
407,953
|
Income taxes
payable
|
41,856
|
|
54,061
|
Operating lease
liabilities
|
1,750,353
|
|
—
|
Long term
debt
|
1,488,284
|
|
1,492,427
|
|
|
|
|
Total
liabilities
|
6,163,783
|
|
4,633,469
|
|
|
|
|
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 344,077 and 342,657
shares, respectively; outstanding 126,961 and 137,472 shares,
respectively
|
3,440
|
|
3,427
|
Additional paid-in
capital
|
2,155,500
|
|
2,108,790
|
Retained
earnings
|
10,460,810
|
|
11,388,910
|
Treasury stock, at
cost; 217,116 and 205,185 shares, respectively
|
(10,715,177)
|
|
(10,538,430)
|
Accumulated other
comprehensive loss
|
(56,368)
|
|
(59,422)
|
|
|
|
|
Total shareholders'
equity
|
1,848,205
|
|
2,903,275
|
|
|
|
|
|
$
|
8,011,988
|
|
$
|
7,536,744
|
BED BATH &
BEYOND INC. AND SUBSIDIARIES
|
Consolidated
Statements of Cash Flows
|
(in thousands,
unaudited)
|
|
|
Nine Months
Ended
|
|
November 30,
2019
|
|
December 1,
2018
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
|
Net (loss)
earnings
|
$
|
(548,402)
|
|
$
|
116,569
|
Adjustments to
reconcile net (loss) earnings to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
255,121
|
|
246,482
|
Goodwill and other
impairments
|
441,405
|
|
—
|
Gain on sale of a
building
|
—
|
|
(29,690)
|
Stock-based
compensation
|
36,112
|
|
49,268
|
Deferred income
taxes
|
(85,626)
|
|
(214)
|
Other
|
(3,671)
|
|
(2,162)
|
Decrease (increase) in
assets:
|
|
|
|
Merchandise
inventories
|
75,787
|
|
(279,837)
|
Trading investment
securities
|
21
|
|
1,651
|
Other current
assets
|
(113,476)
|
|
88,220
|
Other
assets
|
(4,029)
|
|
872
|
Increase (decrease) in
liabilities:
|
|
|
|
Accounts
payable
|
145,988
|
|
401,785
|
Accrued expenses and
other current liabilities
|
69,831
|
|
96,702
|
Merchandise credit and
gift card liabilities
|
(1,817)
|
|
7,449
|
Income taxes
payable
|
(27,872)
|
|
(7,266)
|
Operating lease assets
and liabilities, net
|
14,240
|
|
—
|
Other
liabilities
|
3,515
|
|
(24,394)
|
|
|
|
|
Net cash provided by
operating activities
|
257,127
|
|
665,435
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
Purchase of
held-to-maturity investment securities
|
(57,000)
|
|
(246,425)
|
Redemption of
held-to-maturity investment securities
|
545,000
|
|
385,125
|
Capital
expenditures
|
(188,352)
|
|
(256,490)
|
Proceeds from sale of
a building
|
—
|
|
11,183
|
|
|
|
|
Net cash provided by
(used in) investing activities
|
299,648
|
|
(106,607)
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
|
Payment of
dividends
|
(64,340)
|
|
(64,877)
|
Repurchase of common
stock, including fees
|
(99,132)
|
|
(70,458)
|
|
|
|
|
Net cash used in
financing activities
|
(163,472)
|
|
(135,335)
|
|
|
|
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
113
|
|
(7,120)
|
|
|
|
|
Net increase in cash,
cash equivalents and restricted cash
|
393,416
|
|
416,373
|
|
|
|
|
Cash, cash
equivalents and restricted cash:
|
|
|
|
Beginning of
period
|
529,971
|
|
367,140
|
End of
period
|
$
|
923,387
|
|
$
|
783,513
|
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 third 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 third quarter. For reasons noted above, the Company is
presenting certain non-GAAP financial measures for its fiscal 2019
third 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.
Non-GAAP
Reconciliation
|
(in thousands,
except per share data)
|
(unaudited)
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
November 30,
2019
|
|
December 1,
2018
|
|
November 30,
2019
|
|
December 1,
2018
|
Reconciliation of
Adjusted Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported gross
profit
|
|
$
|
913,837
|
|
|
$
|
1,003,710
|
|
|
$
|
2,528,004
|
|
|
$
|
2,957,119
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Incremental inventory
reserve for future markdowns
|
|
(23,915)
|
|
|
—
|
|
|
169,820
|
|
|
—
|
|
Total
adjustments
|
|
(23,915)
|
|
|
—
|
|
|
169,820
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Adjusted gross
profit
|
|
$
|
889,922
|
|
|
$
|
1,003,710
|
|
|
$
|
2,697,824
|
|
|
$
|
2,957,119
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted Gross Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported gross
margin
|
|
33.1
|
%
|
|
33.1
|
%
|
|
31.4
|
%
|
|
33.9
|
%
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Incremental inventory
reserve for future markdowns
|
|
(0.8)
|
%
|
|
—
|
%
|
|
2.1
|
%
|
|
—
|
%
|
Total
adjustments
|
|
(0.8)
|
%
|
|
—
|
%
|
|
2.1
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
|
|
Adjusted gross
margin
|
|
32.3
|
%
|
|
33.1
|
%
|
|
33.5
|
%
|
|
33.9
|
%
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted Selling, General and Administrative
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported selling,
general and administrative expenses
|
|
$
|
931,814
|
|
|
$
|
954,197
|
|
|
$
|
2,705,457
|
|
|
$
|
2,747,519
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Severance
costs
|
|
—
|
|
|
—
|
|
|
(61,199)
|
|
|
(13,892)
|
|
Shareholder activity
costs
|
|
—
|
|
|
—
|
|
|
(8,000)
|
|
|
—
|
|
Gain on sale of a
building
|
|
—
|
|
|
28,281
|
|
|
—
|
|
|
28,281
|
|
Total
adjustments
|
|
—
|
|
|
28,281
|
|
|
(69,199)
|
|
|
14,389
|
|
|
|
|
|
|
|
|
|
|
Adjusted selling,
general and administrative expenses
|
|
$
|
931,814
|
|
|
$
|
982,478
|
|
|
$
|
2,636,258
|
|
|
$
|
2,761,908
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
November 30,
2019
|
|
December 1,
2018
|
|
November 30,
2019
|
|
December 1,
2018
|
|
|
|
|
|
|
|
|
|
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
|
|
33.8
|
%
|
|
31.5
|
%
|
|
33.6
|
%
|
|
31.5
|
%
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Severance
costs
|
|
—
|
%
|
|
—
|
%
|
|
(0.8)
|
%
|
|
(0.1)
|
%
|
Shareholder activity
costs
|
|
—
|
%
|
|
—
|
%
|
|
(0.1)
|
%
|
|
—
|
%
|
Gain on sale of a
building
|
|
—
|
%
|
|
0.9
|
%
|
|
—
|
%
|
|
0.3
|
%
|
Total
adjustments
|
|
—
|
%
|
|
0.9
|
%
|
|
(0.9)
|
%
|
|
0.2
|
%
|
|
|
|
|
|
|
|
|
|
Adjusted selling,
general and administrative expenses as a percent of net
sales
|
|
33.8
|
%
|
|
32.4
|
%
|
|
32.7
|
%
|
|
31.7
|
%
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted Effective Income Tax Rate
|
|
|
|
|
|
|
|
|
|
|
|
Reported effective
income tax rate
|
|
17.9
|
%
|
|
|
|
|
|
|
Impact on operating
loss and benefit for income taxes of goodwill and other impairments
and incremental inventory reserve for future markdowns
|
|
2.7
|
%
|
|
|
|
|
|
|
Adjusted effective
income tax rate
|
|
20.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted Net (Loss) Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported net (loss)
earnings
|
|
$
|
(38,552)
|
|
|
$
|
24,354
|
|
|
$
|
(548,402)
|
|
|
$
|
116,569
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
Adjustments:
|
|
|
|
|
|
|
|
|
Incremental inventory
reserve for future markdowns
|
|
(23,915)
|
|
|
—
|
|
|
169,820
|
|
|
—
|
|
Severance
costs
|
|
—
|
|
|
—
|
|
|
61,199
|
|
|
13,892
|
|
Goodwill and other
impairments (a)
|
|
11,781
|
|
|
—
|
|
|
441,405
|
|
|
—
|
|
Shareholder activity
costs
|
|
—
|
|
|
—
|
|
|
8,000
|
|
|
—
|
|
Gain on sale of a
building
|
|
—
|
|
|
(28,281)
|
|
|
—
|
|
|
(28,281)
|
|
Total pre-tax
adjustments
|
|
(12,134)
|
|
|
(28,281)
|
|
|
680,424
|
|
|
(14,389)
|
|
|
|
|
|
|
|
|
|
|
Tax impact of
adjustments
|
|
3,786
|
|
|
6,598
|
|
|
(121,565)
|
|
|
3,830
|
|
|
|
|
|
|
|
|
|
|
Total adjustments,
after tax
|
|
(8,348)
|
|
|
(21,683)
|
|
|
558,859
|
|
|
(10,559)
|
|
|
|
|
|
|
|
|
|
|
Adjusted net (loss)
earnings
|
|
$
|
(46,900)
|
|
|
$
|
2,671
|
|
|
$
|
10,457
|
|
|
$
|
106,010
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted Net (Loss) Earnings per Diluted Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported net (loss)
earnings per diluted share
|
|
$
|
(0.31)
|
|
|
$
|
0.18
|
|
|
$
|
(4.40)
|
|
|
$
|
0.86
|
|
Goodwill and other
impairments, severance, shareholder activity costs, incremental
inventory reserve for future markdowns and gain on sale of a
building
|
|
(0.07)
|
|
|
(0.16)
|
|
|
4.48
|
|
|
(0.08)
|
|
Adjusted net (loss)
earnings per diluted share
|
|
$
|
(0.38)
|
|
|
$
|
0.02
|
|
|
$
|
0.08
|
|
|
$
|
0.78
|
|
|
|
(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-third-quarter-300983875.html
SOURCE Bed Bath & Beyond Inc.