Bed, Bath and Beyond 2011 Annual Report Download - page 10
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BED BATH & BEYOND 2011 ANNUAL REPORT
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(continued)
Interest Income
Income Taxes
examinations, the recognition of favorable discrete state tax items and from changing the blended state tax rate of deferred
of certain discrete tax items, partially offset by the changing of the blended state tax rate of deferred income taxes. For fiscal
effective tax rate was primarily due to slightly higher state taxes.
The Company expects continued volatility in the effective tax rate from year to year because the Company is required each year
to determine whether new information changes the assessment of both the probability that a tax position will effectively be
sustained and the appropriateness of the amount of recognized benefit.
EXPANSION PROGRAM
The Company is engaged in an ongoing expansion program involving the opening of new stores in both new and existing
joint venture which operates two stores in the Mexico City market under the name “Home & More.”
The Company plans to continue to expand its operations and invest in its infrastructure to reach its long term objectives. In
communication, collaboration, coordination and execution across all concepts, activities and platforms, the Company plans to
LIQUIDITY AND CAPITAL RESOURCES
The Company has been able to finance its operations, including its expansion program, entirely through internally generated
share repurchase program and planned capital expenditures, entirely through existing and internally generated funds. Capital