Bed, Bath and Beyond 2010 Annual Report Download - page 4
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BED BATH & BEYOND 2010 ANNUAL REPORT
2
To Our Fellow Shareholders:
We must continue to improve. Every single person at our Company recognizes this. In every aspect of our organization,
we believe there is nothing we do today that we cannot do better tomorrow. A culture of never being satisfied and a
dedication to improvement have always formed the foundation that has supported our long-term performance.
Since our founding with two stores in 1971, this culture has been at the heart of the results we have been pleased to
report to you over the years. Once again, through the hard work and extraordinary efforts of our over 45,000 associates,
as well as the continued support of our business partners, fiscal 2010, our 40th year of operation and 19th as a public
company, produced our best year ever.
Some highlights from fiscal 2010, are as follows:
for the prior year.
common stock repurchase program.
While fiscal 2010 was another year of solid accomplishment, as we said, we remain steadfast in our belief that every
area of our business can be, and must be, improved. As important as this has been during our history, in light of an
ever-changing marketplace and an economy with persistent challenges, the search for more effective ways of managing
our business becomes ever more critical.
While the economic environment remains uncertain and business conditions challenging, our financial position
permits us the flexibility to continue to test new merchandise initiatives throughout our stores, as well as to expand,
renovate, remodel and/or relocate stores as we strive to increase their productivity. Through our ongoing effort to cross-
merchandise and leverage our best practices across each of our concepts and the continued development of our
interactive platforms, we expect over time to do more for, and with, our customers.
During fiscal 2010 we added 40 new stores consisting of 18 Bed Bath & Beyond stores throughout the United States
and Canada, 5 Christmas Tree Shops stores, 16 buybuy Baby stores and 1 Harmon Face Values store. We also added
additional Harmon Face Values and Fine Tabletop and Giftware departments in existing stores. At fiscal year end we
operated 1,139 stores, consisting of 982 Bed Bath & Beyond stores in all 50 states, the District of Columbia, Puerto Rico
and Canada, 66 Christmas Tree Shops stores, 45 buybuy Baby stores and 46 stores under the name of Harmon or Harmon
Face Values. In addition, we are a partner in a joint venture which operates two stores in the Mexico City market under
the name “Home & More.”
Our fundamental business strategy remains unchanged: to offer a broad assortment of merchandise at everyday
low prices with superior customer service. In doing so, we are confident that our Company is well positioned and has