Bed Bath & Beyond’s Buy Back

Here’s the transcript of the earnings call via Seeking Alpha. Here are some key bits:

Based on these and other planning assumptions, we are now modeling net earnings per diluted share to be approximately $0.91 to $0.95 for the fiscal fourth quarter of 2010, and approximately $2.86 to $2.90 for all of fiscal 2010. This would represent an increase of approximately 25% over fiscal 2009, up from our previous model of approximately 20%.

Turning to fiscal 2011, while we are still in the process of preparing our budget for next year, and while we still believe that the continued uncertainty and the macroeconomic environment makes it difficult to forecast future results, our preliminary planning assumptions include the following.

One, we anticipate opening approximately the same number of stores as the current year. As always, we remain flexible to take advantage of real estate opportunities that may arise.

Two, we expect to continue our program of relocating, remodeling, renovating and expanding a number of our stores in fiscal 2011.

Three, our operations will continue to be entirely funded from internally generated sources.

Four, as previously discussed, we anticipate completing the current share repurchase program in early fiscal 2011, and begin our new $2 billion share repurchase program thereafter, which we are planning will take two years or so to complete after it begins.

Five, in fiscal 2011, the Easter holiday falls three weeks later than in fiscal 2010. This may affect sales trends in the early part of the year.

Six, we expect continuing variability in our quarterly tax rates.

Posted by on December 23rd, 2010 at 10:00 am


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