Bed, Bath and Beyond 2000 Annual Report Download - page 3

BED BATH & BEYOND ANNUAL REPORT 2000
1
To Our Fellow Shareholders:
Fiscal 2000 was a great year for us. Bed Bath & Beyond
produced outstanding results during the year despite a
challenging retailing environment. The dedication,
determination and skills of our associates in our stores,
customer service
call center,
fulfillment center
and our corporate
and buying offices
provided our
valued customers
with the finest
possible shopping
experience and
enabled our
Company to produce record results in what was, for many in
our industry, a difficult year. We continued to take advantage of
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,
in attractive settings and at everyday low prices. While we are
pleased that our efforts continue to be well-received in all the
markets we serve, we continue to challenge ourselves in order
to produce the much larger, more successful Company which
we envision and which we are, in fact, rapidly becoming.
Fiscal 2000
Highlights:
Net earnings
for the fiscal
year (fifty-three
weeks) ended
March 3, 2001
totaled $171.9
million ($.59 per
share), exceeding
fiscal 1999 (fifty-two weeks) net earnings of $131.2 million
($.46 per share) by approximately 31.0%. This was the 9th
consecutive year of record earnings since our Company’s 1992
initial public offering.
Net sales for fiscal 2000 (fifty-three weeks) were $2.397
billion, an increase of approximately 29.0% from the prior
Warren Eisenberg
Co-Chairman and Co-Chief
Executive Officer
Steven H. Temares
President & Chief Operating Officer
and Member of the Board of
Directors
Leonard Feinstein
Co-Chairman and Co-Chief
Executive Officer