Bed, Bath and Beyond 2002 Annual Report Download

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2002 Annual Report • Notice of Annual Meeting • Proxy Statement
We continue to work to reduce our Annual Meeting Expenses:
1. Last year, we combined the Annual Report, Notice of Annual Meeting
and Proxy Statement. This year, we’re doing the same again.
2. Last year, we eliminated costly photography and graphics. This year, we’re
reducing the colors on the cover, and limiting the inside text to black and white.
3. Last year, we urged our shareholders to vote their proxies by internet
and telephone, to save mailing expense. This year, we’re again asking our
shareholders to vote electronically.
4. This year, we’re asking our shareholders to elect to receive future annual reports
and proxies via the internet if they are able to do so. This will save printing
and mailing expense. See page 2 for details on how to make this selection.
If you have any ideas on how to save additional expense,
we want to hear them.
E-mail us at [email protected].

Table of contents

  • Page 1
    2002 Annual Report • Notice of Annual Meeting • Proxy Statement We continue to work to reduce our Annual Meeting Expenses: 1. Last year, we combined the Annual Report, Notice of Annual... annual reports and proxies via the internet if they are able to do so. This will save printing and mailing ...

  • Page 2
    ...Gross profit 1,518,547 Operating profit 480,057 Net earnings 302,179 Net earnings per share - $ D A T A .74 $ .59 $ .46 $ .34 $ .26 $ .20 $ .14 $ .11 $ .08 $ .06 Diluted (2) $ 1.00 S E L E C T E D O P E R A T I N G Number of Bed Bath & Beyond 396 311 241 186 141 108 80 61 45 38 stores...

  • Page 3
    ..., system and process enhancements, and new looks in fixturing and store design. We also continue to explore new ways to expand our business and add shareholder value. By remaining focused on the principles underlying our culture of customer service, entrepreneurial opportunity, innovation and...

  • Page 4
    ... Control Number, which is located below the voting instructions on the proxy card. Then you can follow the directions provided. 2 This proxy statement and the 2002 Annual Report are available in advance of the annual meeting in the Investor Relations section of Bed Bath & Beyond's Internet site at...

  • Page 5
    ...fiscal 2001 (52 weeks), the Company expanded store space by 20.6%, from 12,204,000 square feet at fiscal year end 2000 (53 weeks) to 14,724,000 square feet at fiscal year end 2001. The 2,520,000 square feet increase was the result of opening 85 new stores. BED BATH & BEYOND ANNUAL REPORT 2002 3

  • Page 6
    ... activities in fiscal 2002 was $24.2 million, compared with $25.8 million in fiscal 2001. The change in net cash provided by financing activities is attributable to a decrease in proceeds from the exercise of stock options compared to the prior year. BED BATH & BEYOND ANNUAL REPORT 2002 4

  • Page 7
    ... the Company has leased sites for 60 new BBB stores planned for opening in fiscal 2003, including seven new stores already opened in Mira Mesa, California; St. Augustine, Florida; Coeur d'Alene, Idaho; Dubuque, Iowa; Wilton (Saratoga), New York; Chattanooga, Tennessee; and Tyler, Texas. Approximate...

  • Page 8
    ...02-16 "Accounting by a Customer (Including a Resale) for Certain Consideration Received from a Vendor." Self Insurance: The Company uses self insurance for a number of risks including worker's compensation, general liability, automobile liability and employee related health care benefits (a portion...

  • Page 9
    ...shares issued or outstanding Common stock - $0.01 par value; authorized - 900,000 shares; issued and outstanding - March 1, 2003, 294,430 shares and March 2, 2002, 291,441 shares Additional paid...167 See accompanying Notes to Consolidated Financial Statements. BED BATH & BEYOND ANNUAL REPORT 2002 7

  • Page 10
    ... 2, 2002 Net earnings Shares sold under employee stock option plans Balance at March 1, 2003 SHARES 280,812 7,078 287,890 3,551 291,441 2,989 294,430 AMOUNT $ 2,808 71 2,879 35 2,914 30 $ 2,944 See accompanying Notes to Consolidated Financial Statements. BED BATH & BEYOND ANNUAL REPORT 2002 8

  • Page 11
    ...Bed Bath & Beyond Inc. and Subsidiaries FISCAL YEAR ENDED March 1, March 2, 2002 $ 219,599) March 3, 2001 $ 171,922) (in thousands) Cash Flows from Operating Activities: Net earnings Adjustments to reconcile net earnings to net cash provided by operating.... BED BATH & BEYOND ANNUAL REPORT 2002 9

  • Page 12
    ...-Based Compensation," and provides alternative methods of transition for a voluntary change to the fair value method of accounting for stock-based employee compensation. In addition, the statement amends the disclosure requirements of SFAS No. 123 to require prominent disclosures in both annual and...

  • Page 13
    ... million and $28.4 million for fiscal 2002, 2001 and 2000, respectively. H. IMPAIRMENT OF LONG-LIVED ASSETS The Company uses self insurance for a number of risks including worker's compensation, general liability, automobile liability and employee related health care benefits (a portion of which...

  • Page 14
    ... for fiscal 2002, 2001 and 2000, respectively. R. INCOME TAXES T. STOCK-BASED COMPENSATION As permitted under SFAS No. 123, and subsequently amended by SFAS No. 148, the Company has elected not to adopt the fair value based method of accounting for its stock-based compensation plans, but continues...

  • Page 15
    ... to January 2005 based on the current contractual maturities. Actual maturities could differ from contractual maturities because borrowers have the right to call certain obligations. BED BATH & BEYOND ANNUAL REPORT 2002 13

  • Page 16
    ... in these policies is equivalent to the net premiums paid by the Company. At March 1, 2003 and March 2, 2002, other assets (noncurrent) include $5.4 million and $5.0 million, respectively, representing the Company's interest in the life insurance policies. BED BATH & BEYOND ANNUAL REPORT 2002 14

  • Page 17
    ... & Beyond Plan" and the "Harmon Plan") covering all eligible Bed Bath & Beyond and Harmon employees, respectively. Participants may defer annual pretax compensation subject to statutory and Plan limitations. The Company has an option to contribute an amount as determined by the Board of Directors to...

  • Page 18
    ... the results of their operations and their cash ï¬,ows for each of the fiscal years in the three-year period ended March 1, 2003 in conformity with accounting principles generally accepted in the United States of America. New York, New York March 27, 2003 BED BATH & BEYOND ANNUAL REPORT 2002 16

  • Page 19
    ...Officers Bed Bath & Beyond Inc. and Subsidiaries DIRECTORS Warren Eisenberg Co-Chairman Bed Bath & Beyond Inc. Dean S. Adler Principal, Lubert-Adler Management Philadelphia, PA Leonard Feinstein Co-Chairman Bed Bath & Beyond Inc. Klaus Eppler Pensioned Partner, Proskauer Rose LLP New York, New...

  • Page 20
    ... holding stock under nominee security position listings. TRANSFER AGENT BED BATH & BEYOND Alabama Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri...

  • Page 21
    650 Liberty Avenue Union, NJ 07083 908-688-0888