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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bed Bath and Beyond Inc | NASDAQ:BBBY | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0751 | 0.0693 | 0.0695 | 0 | 01:00:00 |
|
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
New York
|
|
11-2250488
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(State of incorporation)
|
|
(IRS Employer Identification No.)
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Title of each class
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Trading Symbol
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Name of each exchange on which registered
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Common stock, $.01 par value
|
BBBY
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The Nasdaq Stock Market LLC
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|
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(Nasdaq Global Select Market)
|
|
Yes
|
☒
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No
|
☐
|
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Yes
|
☒
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No
|
☐
|
Large accelerated filer
|
☒
|
|
Accelerated filer
|
☐
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Non-accelerated filer
|
☐
|
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Smaller reporting company
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☐
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|
|
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Emerging growth company
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☐
|
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Yes
|
☐
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No
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☒
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Class
|
|
Outstanding at August 31, 2019
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Common Stock - $0.01 par value
|
|
126,566,039
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Certifications
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August 31, 2019
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March 2, 2019
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||||
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||||
Assets
|
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|
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|
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Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
983,847
|
|
|
$
|
508,971
|
|
Short term investment securities
|
—
|
|
|
485,799
|
|
||
Merchandise inventories
|
2,334,936
|
|
|
2,618,922
|
|
||
Prepaid expenses and other current assets
|
301,368
|
|
|
296,280
|
|
||
|
|
|
|
||||
Total current assets
|
3,620,151
|
|
|
3,909,972
|
|
||
|
|
|
|
||||
Long term investment securities
|
20,520
|
|
|
20,010
|
|
||
Property and equipment, net
|
1,772,667
|
|
|
1,853,091
|
|
||
Operating lease assets
|
2,012,681
|
|
|
—
|
|
||
Goodwill
|
—
|
|
|
391,052
|
|
||
Other assets
|
490,359
|
|
|
396,416
|
|
||
|
|
|
|
||||
Total assets
|
$
|
7,916,378
|
|
|
$
|
6,570,541
|
|
|
|
|
|
||||
Liabilities and Shareholders' Equity
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
1,073,895
|
|
|
$
|
1,094,078
|
|
Accrued expenses and other current liabilities
|
615,748
|
|
|
623,734
|
|
||
Merchandise credit and gift card liabilities
|
341,143
|
|
|
339,322
|
|
||
Current operating lease liabilities
|
456,324
|
|
|
—
|
|
||
Current income taxes payable
|
—
|
|
|
20,498
|
|
||
|
|
|
|
||||
Total current liabilities
|
2,487,110
|
|
|
2,077,632
|
|
||
|
|
|
|
||||
Other liabilities
|
182,700
|
|
|
395,409
|
|
||
Income taxes payable
|
41,683
|
|
|
49,235
|
|
||
Operating lease liabilities
|
1,813,015
|
|
|
—
|
|
||
Long term debt
|
1,488,167
|
|
|
1,487,934
|
|
||
|
|
|
|
||||
Total liabilities
|
6,012,675
|
|
|
4,010,210
|
|
||
|
|
|
|
||||
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
342,582, respectively; outstanding 126,566 and 132,233 shares, respectively
|
3,436
|
|
|
3,426
|
|
||
Additional paid-in capital
|
2,150,542
|
|
|
2,118,673
|
|
||
Retained earnings
|
10,521,658
|
|
|
11,112,887
|
|
||
Treasury stock, at cost; 217,029 and 210,349 shares, respectively
|
(10,714,012
|
)
|
|
(10,616,045
|
)
|
||
Accumulated other comprehensive loss
|
(57,921
|
)
|
|
(58,610
|
)
|
||
|
|
|
|
||||
Total shareholders' equity
|
1,903,703
|
|
|
2,560,331
|
|
||
|
|
|
|
||||
Total liabilities and shareholders' equity
|
$
|
7,916,378
|
|
|
$
|
6,570,541
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
August 31, 2019
|
|
September 1, 2018
|
|
August 31, 2019
|
|
September 1, 2018
|
||||||||
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|
|
|
|
|
|
|
||||||||
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
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
August 31, 2019
|
|
September 1, 2018
|
|
August 31, 2019
|
|
September 1, 2018
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net (loss) earnings
|
$
|
(138,765
|
)
|
|
$
|
48,639
|
|
|
$
|
(509,850
|
)
|
|
$
|
92,215
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||||||
Change in temporary impairment of auction rate securities, net of taxes
|
(116
|
)
|
|
(150
|
)
|
|
377
|
|
|
165
|
|
||||
Pension adjustment, net of taxes
|
666
|
|
|
657
|
|
|
639
|
|
|
793
|
|
||||
Currency translation adjustment
|
3,306
|
|
|
(1,682
|
)
|
|
(327
|
)
|
|
(5,812
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss)
|
3,856
|
|
|
(1,175
|
)
|
|
689
|
|
|
(4,854
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Comprehensive (loss) income
|
$
|
(134,909
|
)
|
|
$
|
47,464
|
|
|
$
|
(509,161
|
)
|
|
$
|
87,361
|
|
|
Three Months Ended August 31, 2019
|
|||||||||||||||||||||
|
Common Stock
|
Additional Paid-
in Capital
|
Retained
Earnings
|
Treasury Stock
|
Accumulated Other
Comprehensive
Loss
|
Total
|
||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||||||||
Balance at June 1, 2019
|
343,419
|
|
$
|
3,434
|
|
$
|
2,138,362
|
|
$
|
10,679,515
|
|
(215,645
|
)
|
$
|
(10,697,540
|
)
|
$
|
(61,777
|
)
|
$
|
2,061,994
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net loss
|
|
|
|
(138,765
|
)
|
|
|
|
(138,765
|
)
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
Other comprehensive income, net of tax
|
|
|
|
|
|
|
3,856
|
|
3,856
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
Dividend declared
|
|
|
|
(19,092
|
)
|
|
|
|
(19,092
|
)
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
Issuance of restricted shares, net
|
166
|
|
1
|
|
(1
|
)
|
|
|
|
|
—
|
|
||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
Payment and vesting of performance stock units
|
10
|
|
1
|
|
(1
|
)
|
|
|
|
|
—
|
|
||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
Stock-based compensation expense, net
|
|
|
12,182
|
|
|
|
|
|
12,182
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
Repurchase of common stock, including fees
|
|
|
|
|
(1,384
|
)
|
(16,472
|
)
|
|
(16,472
|
)
|
|||||||||||
Balance at August 31, 2019
|
343,595
|
|
$
|
3,436
|
|
$
|
2,150,542
|
|
$
|
10,521,658
|
|
(217,029
|
)
|
$
|
(10,714,012
|
)
|
$
|
(57,921
|
)
|
$
|
1,903,703
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
Six Months Ended August 31, 2019
|
|||||||||||||||||||||
|
Common Stock
|
Additional Paid-
in Capital
|
Retained
Earnings
|
Treasury Stock
|
Accumulated Other
Comprehensive
Loss
|
Total
|
||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||||||||
Balance at March 2, 2019
|
342,582
|
|
$
|
3,426
|
|
$
|
2,118,673
|
|
$
|
11,112,887
|
|
(210,349
|
)
|
$
|
(10,616,045
|
)
|
$
|
(58,610
|
)
|
$
|
2,560,331
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net loss
|
|
|
|
(509,850
|
)
|
|
|
|
(509,850
|
)
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
Other comprehensive income, net of tax
|
|
|
|
|
|
|
689
|
|
689
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
Effect of Adoption of ASU 2016-02
|
|
|
|
(40,700
|
)
|
|
|
|
(40,700
|
)
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
Dividend declared
|
|
|
|
(40,679
|
)
|
|
|
|
(40,679
|
)
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
Issuance of restricted shares, net
|
456
|
|
4
|
|
(4
|
)
|
|
|
|
|
—
|
|
||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
Payment and vesting of performance stock units
|
557
|
|
6
|
|
(6
|
)
|
|
|
|
|
—
|
|
||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
Stock-based compensation expense, net
|
|
|
31,879
|
|
|
|
|
|
31,879
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
Repurchase of common stock, including fees
|
|
|
|
|
(6,680
|
)
|
(97,967
|
)
|
|
(97,967
|
)
|
|||||||||||
Balance at August 31, 2019
|
343,595
|
|
$
|
3,436
|
|
$
|
2,150,542
|
|
$
|
10,521,658
|
|
(217,029
|
)
|
$
|
(10,714,012
|
)
|
$
|
(57,921
|
)
|
$
|
1,903,703
|
|
|
Three Months Ended September 1, 2018
|
|||||||||||||||||||||
|
Common Stock
|
Additional Paid-
in Capital
|
Retained
Earnings
|
Treasury Stock
|
Accumulated Other
Comprehensive
Loss
|
Total
|
||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||||||||
Balance at June 2, 2018
|
342,642
|
|
$
|
3,426
|
|
$
|
2,082,238
|
|
$
|
11,360,572
|
|
(202,511
|
)
|
$
|
(10,490,082
|
)
|
$
|
(51,975
|
)
|
$
|
2,904,179
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net earnings
|
|
|
|
48,639
|
|
|
|
|
48,639
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
Other comprehensive loss, net of tax
|
|
|
|
|
|
|
(1,175
|
)
|
(1,175
|
)
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
Dividend declared
|
|
|
|
(22,650
|
)
|
|
|
|
(22,650
|
)
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
Issuance of restricted shares, net
|
66
|
|
—
|
|
—
|
|
|
|
|
|
—
|
|
||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
Payment and vesting of performance stock units
|
—
|
|
1
|
|
(1
|
)
|
|
|
|
|
—
|
|
||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
Stock-based compensation expense, net
|
|
|
14,045
|
|
|
|
|
|
14,045
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
Repurchase of common stock, including fees
|
|
|
|
|
(2,146
|
)
|
(40,630
|
)
|
|
(40,630
|
)
|
|||||||||||
Balance at September 1, 2018
|
342,708
|
|
$
|
3,427
|
|
$
|
2,096,282
|
|
$
|
11,386,561
|
|
(204,657
|
)
|
$
|
(10,530,712
|
)
|
$
|
(53,150
|
)
|
$
|
2,902,408
|
|
|
Six Months Ended September 1, 2018
|
|||||||||||||||||||||
|
Common Stock
|
Additional Paid-
in Capital
|
Retained
Earnings
|
Treasury Stock
|
Accumulated Other
Comprehensive
Loss
|
Total
|
||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||||||||
Balance at March 3, 2018
|
341,795
|
|
$
|
3,418
|
|
$
|
2,057,975
|
|
$
|
11,343,503
|
|
(201,297
|
)
|
$
|
(10,467,972
|
)
|
$
|
(48,296
|
)
|
$
|
2,888,628
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net earnings
|
|
|
|
92,215
|
|
|
|
|
92,215
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
Other comprehensive loss, net of tax
|
|
|
|
|
|
|
(4,854
|
)
|
(4,854
|
)
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
Effect of Adoption of ASU 2014-09
|
|
|
|
(4,221
|
)
|
|
|
|
(4,221
|
)
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
Dividend declared
|
|
|
|
(44,936
|
)
|
|
|
|
(44,936
|
)
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
Issuance of restricted shares, net
|
449
|
|
4
|
|
(4
|
)
|
|
|
|
|
—
|
|
||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
Payment and vesting of performance stock units
|
464
|
|
5
|
|
(5
|
)
|
|
|
|
|
—
|
|
||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
Stock-based compensation expense, net
|
|
|
38,316
|
|
|
|
|
|
38,316
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
Repurchase of common stock, including fees
|
|
|
|
|
(3,360
|
)
|
(62,740
|
)
|
|
(62,740
|
)
|
|||||||||||
Balance at September 1, 2018
|
342,708
|
|
$
|
3,427
|
|
$
|
2,096,282
|
|
$
|
11,386,561
|
|
(204,657
|
)
|
$
|
(10,530,712
|
)
|
$
|
(53,150
|
)
|
$
|
2,902,408
|
|
|
Six Months Ended
|
||||||
|
August 31, 2019
|
|
September 1, 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
|
|
1)
|
Basis of Presentation
|
•
|
Level 1 - Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment.
|
•
|
Level 2 - Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.
|
•
|
Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
|
(in millions)
|
August 31, 2019
|
|
March 2, 2019
|
||||
Available-for-sale securities:
|
|
|
|
|
|
||
Long term
|
$
|
20.4
|
|
|
$
|
19.9
|
|
|
|
|
|
||||
Held-to-maturity securities:
|
|
|
|
||||
Short term
|
—
|
|
|
485.8
|
|
||
Total investment securities
|
$
|
20.4
|
|
|
$
|
505.7
|
|
(in thousands)
|
Statement of Operations Location
|
Three months ended August 31, 2019
|
|
Six months ended August 31, 2019
|
||||
Operating lease cost
|
Cost of sales and SG&A
|
$
|
143,773
|
|
|
$
|
287,673
|
|
Finance lease cost:
|
|
|
|
|
||||
Depreciation of property
|
SG&A
|
648
|
|
|
1,296
|
|
||
Interest on lease liabilities
|
Interest expense, net
|
2,214
|
|
|
4,436
|
|
||
Variable lease cost
|
Cost of sales and SG&A
|
50,275
|
|
|
98,170
|
|
||
Sublease income
|
SG&A
|
(278
|
)
|
|
(556
|
)
|
||
Total lease cost
|
|
$
|
196,632
|
|
|
$
|
391,019
|
|
(in thousands)
|
Consolidated Balance Sheet Location
|
August 31, 2019
|
||
Assets
|
|
|
||
Operating leases
|
Operating lease assets
|
$
|
2,012,681
|
|
Finance leases
|
Property and equipment, net
|
70,583
|
|
|
Total Lease assets
|
|
$
|
2,083,264
|
|
|
|
|
||
Liabilities
|
|
|
||
Current:
|
|
|
||
Operating leases
|
Current operating lease liabilities
|
$
|
456,324
|
|
Finance leases
|
Accrued expenses and other current liabilities
|
1,547
|
|
|
Noncurrent:
|
|
|
||
Operating leases
|
Operating lease liabilities
|
1,813,015
|
|
|
Finance leases
|
Other liabilities
|
103,172
|
|
|
Total lease liabilities
|
|
$
|
2,374,058
|
|
(in thousands)
|
Operating Leases
|
|
Finance Leases
|
||||
Fiscal Year:
|
|
|
|
||||
Remainder of 2019
|
$
|
286,430
|
|
|
$
|
5,221
|
|
2020
|
576,119
|
|
|
10,469
|
|
||
2021
|
481,833
|
|
|
10,434
|
|
||
2022
|
387,133
|
|
|
10,407
|
|
||
2023
|
294,998
|
|
|
10,524
|
|
||
Thereafter
|
722,013
|
|
|
259,584
|
|
||
Total lease payments
|
$
|
2,748,526
|
|
|
$
|
306,639
|
|
Less imputed interest
|
(479,187
|
)
|
|
(201,920
|
)
|
||
Present value of lease liabilities
|
$
|
2,269,339
|
|
|
$
|
104,719
|
|
(in thousands)
|
|
Six months ended August 31, 2019
|
||
Cash paid for amounts included in the measurement of lease liabilities
|
|
|
||
Operating cash flows from operating leases
|
|
$
|
271,669
|
|
Operating cash flows from finance leases
|
|
5,160
|
|
|
Operating lease assets obtained in exchange for new operating lease liabilities
|
|
262,315
|
|
(in thousands)
|
Operating Leases
|
|
Fiscal Year:
|
|
|
2019
|
609,613
|
|
2020
|
534,055
|
|
2021
|
434,908
|
|
2022
|
334,587
|
|
2023
|
241,863
|
|
Thereafter
|
616,170
|
|
Total future minimum lease payments
|
2,771,196
|
|
|
Six Months Ended
|
||||
Black-Scholes Valuation Assumptions (1)
|
August 31, 2019
|
|
September 1, 2018
|
||
Weighted Average Expected Life (in years) (2)
|
7.6
|
|
|
6.7
|
|
Weighted Average Expected Volatility (3)
|
39.41
|
%
|
|
34.96
|
%
|
Weighted Average Risk Free Interest Rates (4)
|
2.39
|
%
|
|
2.92
|
%
|
Expected Dividend Yield (5)
|
4.34
|
%
|
|
3.80
|
%
|
(Shares in thousands)
|
Number of Stock
Options
|
|
Weighted Average
Exercise Price
|
|||
Options outstanding, beginning of period
|
4,395
|
|
|
$
|
47.53
|
|
Granted
|
144
|
|
|
15.68
|
|
|
Exercised
|
—
|
|
|
—
|
|
|
Forfeited or expired
|
(2,607
|
)
|
|
53.86
|
|
|
Options outstanding, end of period
|
1,932
|
|
|
$
|
36.62
|
|
Options exercisable, end of period
|
1,094
|
|
|
$
|
45.83
|
|
(Shares in thousands)
|
Number of Restricted
Shares
|
|
Weighted Average
Grant-Date Fair
Value
|
|||
Unvested restricted stock, beginning of period
|
3,747
|
|
|
$
|
41.73
|
|
Granted
|
880
|
|
|
13.52
|
|
|
Vested
|
(689
|
)
|
|
50.47
|
|
|
Forfeited
|
(424
|
)
|
|
36.73
|
|
|
Unvested restricted stock, end of period
|
3,514
|
|
|
$
|
33.56
|
|
|
Six Months Ended
|
|
Monte Carlo Simulation Assumptions
|
August 31, 2019
|
|
Risk Free Interest Rate
|
1.7
|
%
|
Expected Dividend Yield
|
—
|
%
|
Expected Volatility
|
43.40
|
%
|
Expected Term
|
3 years
|
|
(Shares in thousands)
|
Number of Performance
Stock Units
|
|
Weighted Average
Grant-Date Fair
Value
|
|||
Unvested performance stock units, beginning of period
|
2,082
|
|
|
$
|
27.16
|
|
Granted
|
821
|
|
|
11.02
|
|
|
Vested
|
(557
|
)
|
|
35.09
|
|
|
Forfeited or performance condition adjustments
|
(173
|
)
|
|
24.87
|
|
|
Unvested performance stock units, end of period
|
2,173
|
|
|
$
|
19.21
|
|
•
|
Net sales for the three months ended August 31, 2019 were $2.719 billion, a decrease of approximately 7.3% as compared with the three months ended September 1, 2018. Net sales for the six months ended August 31, 2019 were $5.292 billion, a decrease of approximately 7.0% as compared with the six months ended September 1, 2018.
|
•
|
Comparable sales for the three and six months ended August 31, 2019 decreased by approximately 6.7% and 6.6%, respectively, as compared to a decrease of approximately 0.6% for both the three and six months ended September 1, 2018. For the three months ended August 31, 2019, comparable sales consummated in-store declined in the high-single-digit percentage range, while comparable sales consummated through customer facing digital channels declined slightly. For the six months ended August 31, 2019, comparable sales consummated in-store declined in the high-single-digit percentage range, partially offset by a slight increase in comparable sales consummated through customer facing digital channels.
|
•
|
Gross profit for the three months ended August 31, 2019 was $727.0 million, or 26.7% of net sales, compared with $988.6 million, or 33.7% of net sales, for the three months ended September 1, 2018. Gross profit for the six months ended August 31, 2019 was $1.614 billion, or 30.5% of net sales, compared with $1.953 billion, or 34.3% of net sales, for the six months ended September 1, 2018. The decrease in the gross profit margin was primarily attributable to a decrease in merchandise margin, as a result of an incremental reserve for future markdowns of approximately $194.0 million taken in the second quarter of fiscal 2019 related to the Company's transformation initiatives, which was an incremental charge to the actual markdowns recorded in the second quarter of fiscal 2019.
|
•
|
Selling, general and administrative expenses ("SG&A") for the three months ended August 31, 2019 were $880.9 million, or 32.4% of net sales, compared with $909.7 million, or 31.0% of net sales, for the three months ended September 1, 2018. SG&A for the six months ended August 31, 2019 were $1.774 billion, or 33.5% of net sales, compared with $1.793 billion, or 31.5% of net sales, for the six months ended September 1, 2018.
|
•
|
Goodwill and other impairments for the three and six months ended August 31, 2019 were $28.4 million, or 1.0% of net sales and $429.6 million or 8.1% of net sales, respectively. There were no goodwill and other impairments in the three and six months ended September 1, 2018.
|
•
|
Interest expense, net for the three and six months ended August 31, 2019 was $16.3 million and $32.2 million, respectively, compared with $14.6 million and $31.3 million, respectively, for the three and six months ended September 1, 2018.
|
•
|
The effective tax rate for the three and six months ended August 31, 2019 was 30.1% and 17.9%, respectively, as compared with 24.3% and 28.4%, respectively, for the three and six months ended September 1, 2018. For the three months and six months ended August 31, 2019, the effective tax rate reflects the impact of charges for goodwill and other impairments and severance costs, portions of which are non-deductible for tax purposes. The tax rates also included other discrete tax items resulting in net after tax benefits of approximately $5.4 million and $1.8 million, respectively, for the three months ended August 31, 2019 and September 1, 2018 and net after tax costs of approximately $7.0 million and $1.5 million, respectively for the six months ended August 31, 2019 and September 1, 2018.
|
•
|
For the three months ended August 31, 2019, net loss per diluted share was $(1.12) ($(138.8) million), as compared with net earnings per diluted share of $0.36 ($48.6 million) for the three months ended September 1, 2018. The decrease in net earnings per diluted share for the three months ended August 31, 2019 is the result of the decrease in net earnings due to the items described above, partially offset by the impact of the Company's repurchases of its common stock. In addition, for the three months ended August 31, 2019, net loss per diluted share included the unfavorable impact of approximately $1.46 per diluted share from charges related to the first wave of the Company's transformation initiatives, including severance costs associated with the corporate workforce reduction and the decision to outsource certain functions, and an incremental reserve for future markdowns. This unfavorable impact also included non-cash store impairment charges incurred during the fiscal second quarter of 2019.
|
(a)
|
Disclosure Controls and Procedures
|
(b)
|
Changes in Internal Control over Financial Reporting
|
Period
|
Total Number of Shares Purchased (1)
|
|
Average Price Paid per Share (2)
|
|
Total Number of
Shares Purchased as
Part of Publicly or Announced Plans Programs (1)
|
|
Approximate Dollar
Value of Shares
that May Yet Be
Purchased Under
the Plans or Programs (1)(2)
|
||||||
June 2, 2019 - June 29, 2019
|
895,000
|
|
|
$
|
12.21
|
|
|
895,000
|
|
|
$
|
1,325,285,108
|
|
June 30, 2019 - July 27, 2019
|
480,200
|
|
|
$
|
11.34
|
|
|
480,200
|
|
|
$
|
1,319,838,739
|
|
July 28, 2019 - August 31, 2019
|
8,500
|
|
|
$
|
9.20
|
|
|
8,500
|
|
|
$
|
1,319,760,523
|
|
Total
|
1,383,700
|
|
|
$
|
11.89
|
|
|
1,383,700
|
|
|
$
|
1,319,760,523
|
|
Exhibit No.
|
Exhibit
|
|
|
10.1*
|
|
|
|
10.2*
|
|
|
|
31.1**
|
|
|
|
31.2**
|
|
|
|
32**
|
|
|
|
101.INS
|
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
|
|
|
101.SCH
|
Inline XBRL Taxonomy Extension Schema Document
|
|
|
101.CAL
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
101.LAB
|
Inline XBRL Taxonomy Extension Label Linkbase Document
|
|
|
101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
101.DEF
|
Inline XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
104
|
The cover page of Bed Bath & Beyond Inc.’s Quarterly Report on Form 10-Q for the quarter ended August 31, 2019, formatted in Inline XBRL (included within Exhibit 101 attachments)
|
*
|
This is a management contract or compensatory plan or arrangement.
|
**
|
Filed herewith.
|
|
|
BED BATH & BEYOND INC.
|
|
|
|
(Registrant)
|
|
|
|
|
|
Date: October 9, 2019
|
|
By:
|
/s/ Robyn M. D'Elia
|
|
|
|
Robyn M. D'Elia
|
|
|
|
Chief Financial Officer and Treasurer
|
|
|
|
(Principal Financial and Accounting Officer)
|
1 Year Bed Bath and Beyond Chart |
1 Month Bed Bath and Beyond Chart |
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