Highlights for BBBY’s Conference Call

There was a lot of good info in yesterday’s earnings call with Bed Bath & Beyond. Seeking Alpha has the transcript here, but I wanted to post some highlights. This is a scatter shot of different quotes from different people:

Standard & Poor’s has raised our credit ratings to single A-minus from Triple B+, which speaks to the strength of our company and our future prospects.

Net sales for the fiscal second-quarter or approximately $2.9 billion, approximately 4.3% higher than in the prior year net sales of approximately $2.8 billion. Of this increase, approximately 78% is attributable to the increase in comp sales and approximately 22% is primarily from new stores offset by a decrease in shipping income.

Second-quarter comparable sales increased by approximately 3.4% compared with an increase of 3.7% last year.

Turning to the balance sheet, during the second-quarter we received $1.5 billion from the notes offering of which $1.1 billion was subsequently used to fund our accelerated share repurchase program, which commenced during the second-quarter, and is expected to be completed before the end of the calendar year.

During the second-quarter, we completed our previous $2.5 billion share repurchase program, which was approved in 2012 and began to repurchase shares under our new $2 billion authorization program approved in July 2014. This new authorization had a remaining balance of approximately $1.8 billion at the end of the quarter and which we currently plan to complete during fiscal 2016.

Turning to the remainder of the year, our current models for each quarter and full-year include the following; one, for the fiscal third quarter, we are modeling comparable sales to increase in the range of 2% to 3%. For the fourth quarter, we are modeling comparable sales to increase in the range of 4% to 5%. This will bring the modeled full-year comp sales to a range of 2.6% to 3.1%.

We are modeling diluted weighted average shares outstanding to be approximately 184 million for the third quarter, 178 million for the fourth quarter, and 189 million for full year.

Based on these and other planning assumptions, we are modeling net earnings per diluted share to be approximately $1.17 to $1.21 for the third quarter, and approximately $1.78 to $1.83 for the fourth quarter bringing the full-year modeled net earnings per diluted share to a range of $5 to $5.08.

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
Nov-13 $2,864,837 $1,121,690 $374,647 $227,197 $1.12
Feb-14 $3,203,314 $1,297,437 $527,073 $333,299 $1.60
May-14 $2,656,698 $1,030,885 $300,701 $187,052 $0.93
Aug-14 $2,944,905 $1,134,045 $368,741 $223,953 $1.17

Posted by on September 24th, 2014 at 11:56 am


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