Bed, Bath and Beyond 2004 Annual Report Download - page 27

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BED BATH & BEYOND ANNUAL REPORT 2004
25
13. SUMMARY OF QUARTERLY RESULTS (UNAUDITED)
FISCAL 2004
(in thousands, except per share data) QUARTER ENDED
May 29, August 28, November 27, February 26,
2004 2004 2004 2005
Net sales $1,100,917 $1,273,960 $1,305,155 $1,467,646
Gross profit 456,774 530,829 548,152 650,546
Operating profit 128,707 189,108 190,978 283,621
Earnings before provision
for income taxes 131,805 192,784 195,867 290,731
Provision for income taxes 49,756 72,776 73,940 109,751
Net earnings $ 82,049 $ 120,008 $ 121,927 $ 180,980
EPS-Basic (1) $ 0.27 $ 0.40 $ 0.40 $ 0.60
EPS-Diluted (1) $ 0.27 $ 0.39 $ 0.40 $ 0.59
FISCAL 2003
(in thousands, except per share data) QUARTER ENDED
May 31, August 30, November 29, February 28,
2003 2003 2003 2004
Net sales $893,868 $1,111,445 $1,174,740 $1,297,928
Gross profit 367,180 459,145 486,987 563,352
Operating profit 90,450 155,867 161,459 231,567
Earnings before provision
for income taxes 93,509 158,062 163,424 234,550
Provision for income taxes 36,001 60,854 62,918 90,302
Net earnings $ 57,508 $ 97,208 $ 100,506 $ 144,248
EPS-Basic (1) $ 0.19 $ 0.33 $ 0.34 $ 0.48
EPS-Diluted (1) $ 0.19 $ 0.32 $ 0.33 $ 0.47
(1) Net earnings per share (“EPS”) amounts for each quarter are required to be computed independently and may not equal the amount
computed for the total year.
14. REVISED APPROACH TO COMPENSATION
On April 20, 2005, the Compensation Committee made awards to executive officers and other executives reporting
to the Company’s Chief Executive Officer consisting of a combination of restricted stock and stock option grants.
Consistent with past practice, the stock options granted to these executives will vest over time, subject, in general,
to the executive’s remaining in the Company’s employ on specified vesting dates. Vesting of the restricted stock
awarded to these executives will be dependent on (i) the Company’s achievement of a performance-based test
for the fiscal year of grant, and (ii) assuming achievement of the performance-based test, time vesting, subject, in
general, to the executive remaining in the Company’s employ on specified vesting dates.
The Company’s other employees who traditionally have received stock option grants have begun to receive awards
consisting solely of restricted stock. Vesting of the restricted stock awarded to these employees will be based solely
on time vesting with no performance test. The Company will record an expense related to the restricted stock pro-
gram in fiscal 2005 in accordance with APB No. 25.