Bed, Bath and Beyond 2015 Annual Report Download - page 2

Consolidated Selected Financial Data (in thousands, except per share and selected operating data)
Fiscal Year Ended(1)
February 27,
2016
February 28,
2015
March 1,
2014
March 2,
2013(2)
February 25,
2012
Statement of Earnings Data:
Net sales $12,103,887 $11,881,176 $11,503,963 $10,914,585 $ 9,499,890
Gross profit 4,620,310 4,619,779 4,565,582 4,388,755 3,930,933
Operating profit 1,414,903 1,554,293 1,614,587 1,638,218 1,568,369
Net earnings 841,489 957,474 1,022,290 1,037,788 989,537
Net earnings per share – Diluted $ 5.10 $ 5.07 $ 4.79 $ 4.56 $ 4.06
Selected Operating Data:
Number of stores open (at period end) 1,530 1,513 1,496 1,471 1,173
Total square feet of store space (at period end) 43,274,000 43,041,000 42,619,000 42,030,000 36,125,000
Percentage increase in comparable sales 1.0% 2.4% 2.4% 2.7% 5.9%
Comparable sales (in 000’s)(3) $11,722,973 $11,517,454 $10,660,573 $ 9,819,904 $ 9,157,183
Balance Sheet Data (at period end):
Working capital $ 1,958,737 $ 2,140,922 $ 1,953,851 $ 2,216,323 $ 2,760,619
Total assets 6,498,940 6,758,993 6,356,033 6,279,952 5,724,546
Long-term sale/leaseback and capital lease obligations 109,274 106,948 108,046 108,364 —
Long-term debt(4) 1,500,000 1,500,000 — — —
Shareholders’ equity(5)(6) $ 2,559,540 $ 2,743,190 $ 3,941,287 $ 4,079,730 $ 3,922,528
(1) Each fiscal year represents 52 weeks, except for fiscal 2012 (ended March 2, 2013) which represents 53 weeks.
(2) The Company acquired Linen Holdings, LLC. on June 1, 2012 and Cost Plus, Inc. on June 29, 2012.
(3) Comparable sales include sales consummated through all retail channels which have been operating for twelve full months following the
opening period (typically four to six weeks). Of a Kind (acquired in the second quarter of fiscal 2015) is excluded from the comparable
sales calculation and will continue to be excluded until after the anniversary of the acquisition. Linen Holdings is excluded from the
comparable sales calculations and will continue to be excluded on an ongoing basis as it represents non-retail activity.
(4) On July 17, 2014, the Company issued $300 million aggregate principal amount of 3.749% senior unsecured notes due August 1, 2024,
$300 million aggregate principal amount of 4.915% senior unsecured notes due August 1, 2034 and $900 million aggregate principal
amount of 5.165% senior unsecured notes due August 1, 2044.
(5) The Company has not declared any cash dividends in any of the fiscal years noted above. On April 6, 2016, the Company’s Board of
Directors authorized a quarterly dividend program, and declared an initial quarterly dividend of $.125 per share to be paid on July 19,
2016 to shareholders of record as of June 17, 2016.
(6) In fiscal 2015, 2014, 2013, 2012 and 2011, the Company repurchased approximately $1.101 billion, $2.251 billion, $1.284 billion, $1.001
billion and $1.218 billion of its common stock, respectively.
Corporate Profile
Founded in 1971, Bed Bath & Beyond Inc. and subsidiaries is a retailer which operates under the names of Bed Bath &
Beyond, Christmas Tree Shops, Christmas Tree Shops andThat! or andThat!, Harmon or Harmon Face Values, buybuy BABY
and World Market, Cost Plus World Market or Cost Plus. In the second quarter of fiscal 2015, the Company acquired Of a
Kind, an e-commerce website that features specially commissioned, limited edition items from emerging fashion and home
designers. The Company also operates Linen Holdings, a provider of a variety of textile products, amenities and other goods
to institutional customers in the hospitality, cruise line, healthcare and other industries. Additionally, the Company is a partner
in a joint venture which operates seven retail stores in Mexico under the name Bed Bath & Beyond.
The Company sells a wide assortment of domestics merchandise and home furnishings. Domestics merchandise includes
categories such as bed linens and related items, bath items and kitchen textiles. Home furnishings include categories such as
kitchen and tabletop items, fine tabletop, basic housewares, general home furnishings, consumables and certain juvenile
products.
The Company’s strategy is centered on its customer-centric culture and its commitment to customer service, supported by
significant investments to strengthen the Company’s foundation for future growth:
• To do more for and with its customers wherever, whenever and however they wish to interact with the Company;
• To provide its customers a seamless experience whether they interact with the Company in a store, through one of its
contact centers, on a desktop, tablet, smartphone or through social media;
• To be viewed as the expert for the home, including the accompanying life stages that make a house a home, and to
become the destination for customers’ needs and wants as they express their life interests and travel through their life
stages; all through the expanding and differentiated products, services and solutions the Company offers; and
• To enhance its ability to achieve these objectives through an ongoing commitment to world class information technology,
comprehensive analytics and targeted marketing and communications.
The Company strives to do more for and with its customers by: offering an extensive breadth and depth of differentiated
merchandise at the right value; presenting merchandise in a distinctive manner designed to maximize customer convenience
and reinforce customer perception of a wide selection; and providing excellent customer service, including new products,
services and solutions. The Company continues to expand, differentiate and leverage its assortment across all channels,
concepts and countries in which it operates, to better engage with its customers wherever, whenever and however they
express their life interests and travel through their life stages.