Bed, Bath and Beyond 2015 Annual Report Download - page 5

• Established a new customer contact center in Layton, Utah, during fiscal 2015, enhancing our 24/7 customer support.
• Developed more flexible fulfillment options for customer delivery and expanded our distribution facility network to support
anticipated growth across all our channels. Opened a new distribution facility in Las Vegas, Nevada during fiscal 2015.
• Continued to evaluate our real estate portfolio and opened 29 and closed 12 stores during fiscal 2015. Opened stores in
new markets, tested smaller-store formats, and developed plans to evolve our stores in such a way that is more
experiential and reflects how our customers utilize the products, services and solutions we provide.
• Acquired Of a Kind in fiscal 2015, an e-commerce platform geared toward millennials that offers specially commissioned,
limited-edition items from up-and-coming artists and designers.
• Introduced our newest andThat! store in Kennesaw, Georgia in April 2016, designing this store to have local appeal and
to become the destination for customers to find an ever-changing mix of both differentiated and close-out merchandise,
spanning categories such as home décor, seasonal, food, entertaining essentials, and gifts, ALL at a great value.
• Continued the development of a unique shopping venue in Brooklyn, New York, which will include four of our concepts
under one roof, to showcase our ever-increasing and evolving merchandise assortment and the integration of our
omnichannel capabilities to provide a more experiential shopping environment.
Our financial performance in fiscal 2015 reflects the benefit of the significant investments in our business and the steady
progress on our strategic initiatives. We reported fiscal 2015 net sales of $12.1 billion, an increase of approximately 1.9%, or
2.3% on a constant currency basis, and net earnings per diluted share of $5.10. In addition, we generated about $1.0 billion in
net cash from operations and returned $1.1 billion to shareholders through share repurchase.
In recognition of our strong cash flow generation, and confidence in our business, as well as to provide a more balanced
approach to returning value to shareholders, our Board of Directors has authorized a quarterly dividend program to commence
in fiscal 2016.
This is an exciting time for our Company, and we are excited about our future. We believe the dynamic and ever changing
retail environment presents a great opportunity for even greater success in the years ahead. The pace of change requires, and
rewards, continuous innovation and the ability to adapt, as technology advances and consumer preferences evolve.
As a highly profitable market leader, we are committed to strengthening our business and making the strategic investments
that will enable us to continue to do more for and with our customers. We’re committed to becoming even more relevant to our
existing customers and attracting new customers as they choose where, when and how to shop.
As our business transforms, we will navigate the competitive landscape to adapt as customer preferences evolve. We will seek
to attract the right people and have the right technologies and products to advance our strategy. All the while, we will remain
disciplined in our efforts to achieve positive returns, and improve long-term profitability.
Our healthy cash flows, and strong balance sheet, enable us to fund these investments and build upon our operational
achievements, while also returning value to our shareholders.
For those of you who have followed our Company for some time, you know that we manage our business for the long term.
Our aim has never been to be the biggest, but always about being the best. Our focus has never been to optimize short-term
profitability, but always about creating long-term prosperity. This has never been more relevant than it is today. We remain
steadfast in making the correct investments for our long-term success.
We want to thank our more than 60,000 dedicated associates for what they accomplished during fiscal 2015. Our
foundation has never been stronger. This includes the quality of our people, our merchandise assortments, and our
technologies, each of which drives our Company’s success. Through the commitment of our associates, and the culture they
have created, and the greatly valued contributions of our merchandise and service providers, we are looking forward to
continue to satisfy our customers and in doing so, improving our competitive position in the categories in which we do
business.
Thank you for your interest in Bed Bath & Beyond.
W ARREN E ISENBERG L EONARD F EINSTEIN S TEVEN H. T EMARES
Co-Chairman and Co-Chairman and Chief Executive Officer and
Co-Founder Co-Founder Director
May 31, 2016
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