Bed, Bath and Beyond 2000 Annual Report Download - page 4

fiscal year (fifty-two weeks). Comparable store sales for
fiscal 2000 increased by approximately 5.0%.
We are pleased that in each of the 35 fiscal
quarters since becoming a publicly-held Company, net
earnings have met, or exceeded, the operating plan,
and that the Company distributed its fourth two-
for-one stock split since “going public” in
1992.
The balance sheet as of March 3,
2001 was strong, flexible and, for over five
years now, debt-free. Cash and cash
equivalents were $239 million compared to
$144 million a year earlier; shareholders’
equity at year-end was $817 million, up from
$559 million.
We opened 70 superstores, more than in
any previous year, which resulted in our ending
the year with 311 stores in 43 states. In addition,
two existing stores were expanded.
Importantly, we continued the heavy
investment in our infrastructure. This will
position us to continue to achieve the
objectives that are most important to our
shareholders.
Our Growth Continues:
As noted above, during fiscal 2000 we added 70
new stores and expanded 2 others, ending
the year with 311 stores 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 square feet during
the year, bringing total store space at fiscal
year-end to over 12.2 million square feet.
In fiscal 2001, we expect to add
approximately 80 new stores, leases for most
of which have already been signed.
Despite our rapid growth, our share of
the approximately $75 billion market for
BED BATH & BEYOND ANNUAL REPORT 2000
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