Bed Bath & Beyond Earns $1.16 Per Share

Bed Bath & Beyond‘s ($BBBY) earnings report is out. The company earned $1.16 per share for fiscal Q2 which was at the top of their range.

I like how BBBY really buys back shares in an effort to reduce share count. Consider this: BBBY’s net income is up 37% from Q2 three years ago, but EPS is up 66%. That’s how real buybacks work. Not phony ones that mask executive compensation.

For Q3, they see earnings ranging between $1.11 to $1.16 per share (which is exactly what they said for Q2).

For the year, BBBY sees earnings coming in between $4.88 to $5.01 per share.

Bed Bath & Beyond Inc. today reported net earnings of $1.16 per diluted share ($249.3 million) in the fiscal second quarter ended August 31, 2013, an increase of approximately 18.4% versus net earnings of $0.98 per diluted share ($224.3 million) in the same quarter a year ago. Net sales for the fiscal second quarter of 2013 were approximately $2.824 billion, an increase of approximately 8.9% from net sales of approximately $2.593 billion reported in the fiscal second quarter of 2012. Comparable store sales in the fiscal second quarter of 2013 increased by approximately 3.7%, compared with an increase of approximately 3.5% in last year’s fiscal second quarter.

During the fiscal second quarter of 2013, the Company repurchased approximately $257 million of its common stock, representing approximately 3.5 million shares. As of August 31, 2013, the remaining balance of the existing share repurchase program authorized in December 2012 was approximately $1.8 billion.

For the fiscal first half ended August 31, 2013, the Company reported net earnings of $2.09 per diluted share ($451.8 million), an increase of approximately 11.8% over net earnings of $1.87 per diluted share ($431.2 million) in the corresponding period a year ago. Net sales for the fiscal first half of 2013 were approximately $5.436 billion, an increase of approximately 13.0% from net sales of approximately $4.811 billion in the corresponding period a year ago. Comparable store sales for the fiscal first half of 2013 increased by approximately 3.5%, compared with an increase of approximately 3.3% in last year’s fiscal first half.

The Company is modeling net earnings per diluted share in 2013 to be approximately $1.11 to $1.16 for the fiscal third quarter, $1.70 to $1.77 for the fiscal fourth quarter, and to be approximately $4.88 to $5.01 for the full year, which will include Cost Plus, Inc. (“World Market”) and Linen Holdings for all of fiscal 2013.

Here are the sales and earnings figures for the past few quarters:

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-00 $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-01 $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-02 $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-03 $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-04 $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-05 $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-06 $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-07 $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-08 $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
Feb-09 $1,923,274 $785,058 $231,282 $141,378 $0.55
May-09 $1,694,340 $666,818 $142,304 $87,172 $0.34
Aug-09 $1,914,909 $773,393 $222,031 $135,531 $0.52
Nov-09 $1,975,465 $812,412 $245,611 $151,288 $0.58
Feb-10 $2,244,079 $955,496 $370,741 $226,042 $0.86
May-10 $1,923,051 $775,036 $225,394 $137,553 $0.52
Aug-10 $2,136,730 $874,918 $296,902 $181,755 $0.70
Nov-10 $2,193,755 $896,508 $305,110 $188,574 $0.74
Feb-11 $2,504,967 $1,076,467 $461,052 $283,451 $1.12
May-11 $2,109,951 $857,572 $288,948 $180,578 $0.72
Aug-11 $2,314,064 $950,999 $371,636 $229,372 $0.93
Nov-11 $2,343,561 $958,693 $357,020 $228,544 $0.95
Feb-12 $2,732,314 $1,163,669 $550,765 $351,043 $1.48
May-12 $2,218,292 $887,199 $313,398 $206,836 $0.89
Aug-12 $2,593,015 $1,032,669 $365,137 $224,330 $0.98
Nov-12 $2,701,801 $1,074,010 $361,649 $232,750 $1.03
Feb-13 $3,401,477 $1,394,877 $598,034 $373,872 $1.68
May-13 $2,612,140 $1,032,971 $323,101 $202,490 $0.93
Aug-13 $2,823,672 $1,113,484 $389,766 $249,304 $1.16

Posted by on September 25th, 2013 at 4:20 pm


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