Bed, Bath and Beyond 2000 Annual Report Download

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ANNUAL REPORT

Table of contents

  • Page 1
    A NNUAL R E P O RT

  • Page 2
    ... dividends in any of the fiscal years noted above. Corporate Profile Founded in 1971, Bed Bath & Beyond Inc. is a nationwide chain of "superstores" selling predominantly better quality domestics merchandise and home furnishings. The Company's 316 stores (as of May 1, 2001) principally range in size...

  • Page 3
    ... the public's enthusiasm for our Company's innovative and lively merchandising style by opening our greatest ever number of new superstores in fiscal 2000, each offering a vast selection of better quality domestics merchandise and home furnishings, Warren Eisenberg Co-Chairman and Co-Chief Executive...

  • Page 4
    ... in 43 states. Included in the openings were our first stores in Idaho, Maine, Mississippi, North Dakota and Rhode Island, as well as a 90,000 square foot, three-level megastore on the Upper East Side of Manhattan, New York, which we opened at the end of October. All told, we added about 2.4 million...

  • Page 5
    ... in retailing, begin their Bed Bath & Beyond careers on the sales floor, and are trained to be entrepreneurs and merchants. They are encouraged and expected to find ways to improve their stores' business. Before becoming store Once Again, It's Our Corporate Culture: We are frequently asked...

  • Page 6
    BED BATH & BEYOND ANNUAL REPORT 2000 4 make merchandising and operating decisions not customary even for store managers in a centralized operation. Although this is a difficult and expensive way to operate, this operating culture not only distinguishes us from our direct competitors, but is ...

  • Page 7
    BED BATH & BEYOND ANNUAL REPORT 2000 5 Management Resources: Consistent with our culture, storeline positions are essentially filled through internal promotions. In addition, our dynamic, substantial growth has created opportunities for many experienced individuals from outside the Company, ...

  • Page 8
    BED BATH & BEYOND ANNUAL REPORT 2000 6 We are pleased that our sales and earnings growth have been consistent, our cash flow positive, and our balance sheet strong and flexible. The organization we've built continues to establish and achieve impressive goals. Important opportunities are being ...

  • Page 9
    BED BATH & BEYOND ANNUAL REPORT 2000 7 competitive advantage in the marketplace. We acknowledge the ongoing support of all those who provide us with merchandise and services. We are grateful for the relationships we enjoy and look forward to building on these partnerships over the ensuing years. ...

  • Page 10
    BED BATH & BEYOND ANNUAL REPORT 2000 8 Management's Discussion and Analysis of Financial Condition and Results of Operations RESULTS OF OPERATIONS The following table sets forth for the periods indicated (i) selected statement of earnings data of the Company expressed as a percentage of net ...

  • Page 11
    ... can be no assurance. LIQUIDITY AND CAPITAL RESOURCES The Company has been able to finance both its normal operations and its expansion program principally through internally generated funds during the preceding five years. The Company's merchandise inventory has grown from $360.3 million at the...

  • Page 12
    ...pricing pressures; the ability to find suitable locations at reasonable occupancy costs to support the Company's expansion program; the availability of trained qualified management personnel to support the Company's growth; and the cost of labor, merchandise and other costs and expenses. SEASONALITY...

  • Page 13
    BED BATH & BEYOND ANNUAL REPORT 2000 11 Consolidated Balance Sheets Bed Bath & Beyond Inc. and Subsidiaries March 3, 2001 February 26, 2000 (in thousands, except per share data) ASSETS Current assets: Cash and cash equivalents Merchandise inventories Prepaid expenses and other current assets ...

  • Page 14
    BED BATH & BEYOND ANNUAL REPORT 2000 12 Consolidated Statements of Earnings Bed Bath & Beyond Inc. and Subsidiaries FISCAL YEAR ENDED (in thousands, except per share data) Net sales Cost of sales, including buying, occupancy and indirect costs Gross profit Selling, general and administrative ...

  • Page 15
    BED BATH & BEYOND ANNUAL REPORT 2000 13 Consolidated Statements of Cash Flows Bed Bath & Beyond Inc. and Subsidiaries FISCAL YEAR ENDED (in... benefit from exercise of stock options Deferred income taxes (Increase) decrease in assets: Merchandise inventories Prepaid expenses and other current assets...

  • Page 16
    ... coupons and rebates in cost of sales. Upon adoption, the Company has reclassified such sales incentives as a reduction of sales in its consolidated statements of earnings for fiscal 2000, 1999 and 1998. The reclassification had no impact on gross profit, operating profit or net earnings. F. STOCK...

  • Page 17
    .... Q. IMPAIRMENT OF LONG-LIVED ASSETS In July 2000 and June 1998, the Board of Directors approved two-for-one splits of the Company's common stock effected in the form of 100% stock dividends. The stock dividends were distributed on August 11, 2000 and July 31, 1998, respectively, to shareholders...

  • Page 18
    .... The Company did not borrow under the Credit Agreement during fiscal 2000 or fiscal 1999. As of March 3, 2001 and February 26, 2000, there were approximately $2.9 million and $5.3 million in outstanding letters of credit, respectively. (in thousands) Deferred Tax Assets: Inventories Deferred rent...

  • Page 19
    ... BATH & BEYOND ANNUAL REPORT 2000 17 5. TRANSACTIONS AND BALANCES WITH RELATED PARTIES A. As of March 30, 2001, the Company had executed leases for 62 stores planned for opening in fiscal 2001. Expenses for all operating leases were $142.6 million, $113.3 million and $89.5 million for fiscal 2000...

  • Page 20
    ... and generally exercisable in five equal annual installments beginning one to three years after the date of grant and expire ten years from the date of grant. The following table summarizes stock option transactions: WEIGHTEDNUMBER OF SHARES AVERAGE EXERCISE PRICE RANGE OF EXERCISE PRICES NUMBER...

  • Page 21
    ... and may not equal the amount computed for the total year. Independent Auditors' Report TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF BED BATH & BEYOND INC.: We have audited the accompanying consolidated balance sheets of Bed Bath & Beyond Inc. and subsidiaries as of March 3, 2001 and February 26...

  • Page 22
    ...-Chief Executive Officer, Bed Bath & Beyond Inc. Steven H. Temares Managing Director, Goldman, Sachs & Co., New York, New York Robert J. Swartz President and Chief Operating Officer, Bed Bath & Beyond Inc. Vice President, Alco Capital Group, Inc., New York, New York OFFICERS Warren Eisenberg Jim...

  • Page 23
    ... OFFICE STOCK ACTIVITY Store Locations (as of May 1, 2001) Alabama Arizona Arkansas California Colorado Connecticut Delaware LOW 4 5 2 37 8 6 1 27 12 1 15 5 2 4 2 3 1 10 7 14 2 1 Missouri Nebraska Nevada New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania...

  • Page 24
    650 Liberty Avenue Union, NJ 07083 908-688-0888