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January 7, 2009
Bed, Bath & Beyond's Q3 Earnings
For their third-quarter (ending November 29), Bed Bath & Beyond (BBBY) just reported earnings of 34 cents a share. That’s pretty ugly, but honestly, it’s not bad considering the crappy environment they’re in. The earnings were a penny below the Street's consensus, and the company earned 52 cents a share for last year's Q3. Sales came in at $1.783 billion which was slightly below last year’s Q3. Same-store sales were just ugly, down 5.6%.
The company sees Q4 EPS coming in at 40 to 46 cents which is less than the 49 cents the Street was expecting.
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 |
| | Aug-08 | $1,853,892 | $739,321 | $187,421 | $119,268 | $0.46 |
| | Nov-08 | $1,782,683 | $692,857 | $136,374 | $87,700 | $0.34 |
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Here's their trailing four-quarter earnings-per-share. The two red lines show the upper and lower band of the company's projection.
It's not hard to find the squeaky wheel. Take at look at their operating margins:
That's based on trailing four quarter numbers. This means the company is doing a lot of price-cutting.
Posted by edelfenbein at January 7, 2009 4:20 PM
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