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June 27, 2008
Bed Bath & Beyond Earns 30 Cents a Share
Yesterday, Bed Bath & Beyond (BBBY) reported first-quarter earnings of 30 cents a share, three cents better than Street estimates.
The first quarter (March, April and May) tends to be the company's slowest quarter. Since I've defended this stock for years, you probably won't be surprised to hear me say that I'm pleased with these results. Sales rose by 6.1%, and sales-per-share rose by 13.9%.
The big thing that hurt the company was declining profit margins. For the 11th straight quarter, year-over-year net margins declined. That really takes a bite out of a company's bottomline. Compared with the first quarter three years ago, BBBY's sales are up 32.5%. Yet net income is down by over 22%. That's what happens when your margins nearly fall in half.
On the conference call, BBBY expects Q2 EPS of 43 to 48 cents compared with 55 cents last year.
Here are the earnings results going back a few years:
| Quarter | Sales | Gross Profit | Operating Profit | Net Profit | EPS | | May-99 | $356,633 | $146,214 | $28,015 | $17,883 | $0.06 | | Aug-99 | $451,715 | $185,570 | $53,580 | $33,247 | $0.12 | | Nov-99 | $480,145 | $196,784 | $50,607 | $31,707 | $0.11 | | Feb-00 | $569,012 | $238,233 | $77,138 | $48,392 | $0.17 | | May-00 | $459,163 | $187,293 | $36,339 | $23,364 | $0.08 | | Aug-00 | $589,381 | $241,284 | $70,009 | $43,578 | $0.15 | | Nov-00 | $602,004 | $246,080 | $64,592 | $40,665 | $0.14 | | Feb-01 | $746,107 | $311,802 | $101,898 | $64,315 | $0.22 | | May-01 | $575,833 | $234,959 | $45,602 | $30,007 | $0.10 | | Aug-01 | $713,636 | $291,342 | $84,672 | $53,954 | $0.18 | | Nov-01 | $759,438 | $311,030 | $83,749 | $52,964 | $0.18 | | Feb-02 | $879,055 | $370,235 | $132,077 | $82,674 | $0.28 | | May-02 | $776,798 | $318,362 | $72,701 | $46,299 | $0.15 | | Aug-02 | $903,044 | $370,335 | $119,687 | $75,459 | $0.25 | | Nov-02 | $936,030 | $386,224 | $119,228 | $75,112 | $0.25 | | Feb-03 | $1,049,292 | $443,626 | $168,441 | $105,309 | $0.35 | | May-03 | $893,868 | $367,180 | $90,450 | $57,508 | $0.19 | | Aug-03 | $1,111,445 | $459,145 | $155,867 | $97,208 | $0.32 | | Nov-03 | $1,174,740 | $486,987 | $161,459 | $100,506 | $0.33 | | Feb-04 | $1,297,928 | $563,352 | $231,567 | $144,248 | $0.47 | | May-04 | $1,100,917 | $456,774 | $128,707 | $82,049 | $0.27 | | Aug-04 | $1,273,960 | $530,829 | $189,108 | $120,008 | $0.39 | | Nov-04 | $1,305,155 | $548,152 | $190,978 | $121,927 | $0.40 | | Feb-05 | $1,467,646 | $650,546 | $283,621 | $180,980 | $0.59 | | May-05 | $1,244,421 | $520,781 | $150,884 | $98,903 | $0.33 | | Aug-05 | $1,431,182 | $601,784 | $217,877 | $141,402 | $0.47 | | Nov-05 | $1,448,680 | $615,363 | $205,493 | $134,620 | $0.45 | | Feb-06 | $1,685,279 | $747,820 | $304,917 | $197,922 | $0.67 | | | | | | | | May-06 | $1,395,963 | $590,098 | $148,750 | $100,431 | $0.35 | | | | | | | | Aug-06 | $1,607,239 | $678,249 | $219,622 | $145,535 | $0.51 | | | | | | | | Nov-06 | $1,619,240 | $704,073 | $211,134 | $142,436 | $0.50 | | Feb-07 | $1,994,987 | $862,982 | $309,895 | $205,842 | $0.72 | | May-07 | $1,553,293 | $646,109 | $154,391 | $104,647 | $0.38 | | Aug-07 | $1,767,716 | $732,158 | $211,037 | $147,008 | $0.55 |
| | Nov-07 | $1,794,747 | $747,866 | $203,152 | $138,232 | $0.52 |
| | Feb-08 | $1,933,186 | $799,098 | $259,442 | $172,921 | $0.66 |
| | May-08 | $1,648,491 | $656,000 | $118,819 | $76,777 | $0.30 |
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Posted by edelfenbein at June 27, 2008 12:13 AM
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