Bed, Bath and Beyond 2001 Annual Report Download

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30TH ANNIVERSARY
2001 Annual Report • Notice of Annual Meeting • Proxy Statement
Yes, we have simplified the presentation.
We have combined the Annual Report, Notice of Annual Meeting
and Proxy Statement to save costs and return more value to our shareholders.
What can you do to save costs?
You can help by voting your shares electronically or by phone,
eliminating mailing expense. Please see details inside.

Table of contents

  • Page 1
    30TH ANNIVERSARY 2001 Annual Report • Notice of Annual Meeting • Proxy Statement Yes, we have simplified the presentation. We have combined the Annual Report, Notice of Annual Meeting and Proxy Statement to save costs and return more value to our shareholders. What can you do to save costs? ...

  • Page 2
    ...D A T A Number of stores open (at period end) 396 Total square feet of store space (at period end) 14,724,000 Percentage increase ...Company's common stock (each of which was effected in the form of a 100% stock dividend), which were distributed in fiscal 2000, 1998, 1996 and 1993. The Company...

  • Page 3
    ... for customers. The Company acquired Harmon Stores, Inc., a health and beauty care retailer, on March 5, 2002. The Company's 28 Harmon stores (as of May 3, 2002) principally range in size from 5,000 to 8,700 square feet. Bed Bath & Beyond Inc.'s stock is traded on the NASDAQ National Market under...

  • Page 4
    ... 7.1%. During fiscal 2001, we opened 85 new Bed Bath & Beyond stores. We ended the year with 395 stores in 44 states and one store in Puerto Rico. Our balance sheet continues to strengthen. At the close of fiscal 2001, cash and cash equivalents were $429.5 million, and the Company had an additional...

  • Page 5
    ... to $2.397 billion, representing an increase of 29.0% over the $1.858 billion net sales in fiscal 1999. Approximately 83% of the increase was attributable to new store net sales and the balance to an increase in comparable store net sales. BED BATH & BEYOND ANNUAL REPORT 2001 3

  • Page 6
    ... new stores already opened in Encino and Monrovia, California; Grand Junction, Colorado; Manchester, Connecticut; Cumming, Georgia; Woodbury, Minnesota; Mount Olive, New Jersey; Onslow, North Carolina; Eastgate, Ohio; Erie, Pennsylvania; and Lynchburg, Virginia. BED BATH & BEYOND ANNUAL REPORT 2001...

  • Page 7
    ..., merchandise and other costs and expenses. SEASONALITY Bed Bath & Beyond stores exhibit less seasonality than many other retail businesses, although sales levels are generally higher in August, November and December, and generally lower in February and March. BED BATH & BEYOND ANNUAL REPORT 2001...

  • Page 8
    ...Bed Bath & Beyond Inc. and Subsidiaries March 2, March 3, 2001 (in thousands, except per share data) ASSETS 2002 Current assets: Cash and cash equivalents Merchandise inventories... liabilities: Accounts payable Accrued expenses and other current liabilities Income taxes payable Total current...

  • Page 9
    ... 3, 2001 Net earnings Shares sold under employee stock option plans Balance at March 2, 2002 SHARES 278,836 1,976 280,812 7,078 287,890 3,551 291,441 AMOUNT $ 2,788 20 2,808 71 2,879 35 $ 2,914 See accompanying Notes to Consolidated Financial Statements. BED BATH & BEYOND ANNUAL REPORT 2001 7

  • Page 10
    ...benefit from exercise of stock options Deferred income taxes (Increase) decrease in assets: Merchandise inventories Other current assets Other assets Increase (decrease) in liabilities: Accounts payable... accompanying Notes to Consolidated Financial Statements. BED BATH & BEYOND ANNUAL REPORT 2001 8

  • Page 11
    ...million and $24.2 million for fiscal 2001, 2000 and 1999, respectively. A. NATURE OF OPERATIONS Bed Bath & Beyond Inc. (the "Company") is a nationwide chain of stores selling predominantly better quality domestics merchandise and home furnishings. As the Company operates in the retail industry, its...

  • Page 12
    ... coupons and point of sale rebates that result in a reduction of the price paid by the customer are recorded as a reduction of sales. Shipping and handling fees that are billed to a customer in a sale transaction are recorded in sales. Revenues from gift cards, gift certificates and store credits...

  • Page 13
    ...) (221,039) $ 361,741) $ March 3, 2001 -) 219,243) 168,370) 73,535) 461,148) (158,492) $ 302,656) (in thousands) Land and building Furniture, fixtures and equipment Leasehold improvements Computer equipment Less: Accumulated depreciation and amortization BED BATH & BEYOND ANNUAL REPORT 2001 11

  • Page 14
    ..., respectively. As of March 29, 2002, the Company had executed leases for 50 stores planned for opening in fiscal 2002. Expenses for all operating leases were $178.7 million, $142.6 million and $113.3 million for fiscal 2001, 2000 and 1999, respectively. BED BATH & BEYOND ANNUAL REPORT 2001 12

  • Page 15
    ... stock, subject to adjustment under certain circumstances. Option grants, which are issued at market value on the date of grant, generally become exercisable in five equal installments beginning one to three years after the date of grant, and in all events, BED BATH & BEYOND ANNUAL REPORT 2001 13

  • Page 16
    ... WEIGHTED-AVERAGE EXERCISE PRICE $ 4.71 10.55 11.83 14.72 19.07 $ 9.30 The Company applies APB No. 25 and related interpretations in accounting for ...quarter are required to be computed independently and may not equal the amount computed for the total year. BED BATH & BEYOND ANNUAL REPORT 2001 14

  • Page 17
    ...and the results of their operations and their cash flows for each of the fiscal years in the three-year period ended March 2, 2002 in conformity with accounting principles generally accepted in the United States of America. New York, New York March 29, 2002 BED BATH & BEYOND ANNUAL REPORT 2001 15

  • Page 18
    .... DIRECTORS Warren Eisenberg Co-Chairman and Co-Chief Executive Officer, Bed Bath & Beyond Inc. Dean S. Adler Principal, Lubert-Adler Management Philadelphia, PA Leonard Feinstein Co-Chairman and Co-Chief Executive Officer, Bed Bath & Beyond Inc. Klaus Eppler Partner, Proskauer Rose LLP New York...

  • Page 19
    ...BED BATH & BEYOND Alabama 5 Nebraska 1 Arizona 5 Nevada 2 Arkansas 2 New Hampshire 1 California 45 New Jersey 21 Colorado 12 New Mexico 1 Connecticut 7 New York 18 Delaware 1 North Carolina 14 Florida 35 North Dakota 2 Georgia 14 Ohio 16 Idaho 1 Oklahoma 3 Illinois 16 Oregon 4 Indiana 8 Pennsylvania...