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New York
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11-2250488
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(State of incorporation)
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(IRS Employer Identification No.)
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650 Liberty Avenue, Union, New Jersey 07083
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(Address of principal executive offices) (Zip Code)
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Yes
x
No
o
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Yes
x
No
o
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Large accelerated filer
x
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Accelerated filer
o
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Non-accelerated filer
o
(Do not check if a smaller reporting company)
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Smaller reporting company
o
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Yes
o
No
x
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Class
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Outstanding at May 30, 2015
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Common Stock - $0.01 par value
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169,596,406
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PART I - FINANCIAL INFORMATION
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| May 30, 2015 and February 28, 2015 | |||
| Three Months Ended May 30, 2015 and May 31, 2014 | |||
| Three Months Ended May 30, 2015 and May 31, 2014 | |||
| Three Months Ended May 30, 2015 and May 31, 2014 | |||
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PART II - OTHER INFORMATION
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May 30,
2015
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February 28,
2015
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Assets
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Current assets:
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Cash and cash equivalents
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$ | 615,230 | $ | 875,574 | ||||
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Short term investment securities
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76,872 | 109,992 | ||||||
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Merchandise inventories
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2,844,361 | 2,731,881 | ||||||
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Other current assets
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394,238 | 366,156 | ||||||
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Total current assets
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3,930,701 | 4,083,603 | ||||||
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Long term investment securities
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100,463 | 97,160 | ||||||
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Property and equipment, net
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1,657,119 | 1,676,700 | ||||||
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Goodwill
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486,279 | 486,279 | ||||||
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Other assets
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424,515 | 415,251 | ||||||
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Total assets
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$ | 6,599,077 | $ | 6,758,993 | ||||
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Liabilities and Shareholders' Equity
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Current liabilities:
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Accounts payable
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$ | 1,133,673 | $ | 1,156,368 | ||||
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Accrued expenses and other current liabilities
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431,216 | 403,547 | ||||||
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Merchandise credit and gift card liabilities
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317,899 | 306,160 | ||||||
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Current income taxes payable
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90,365 | 76,606 | ||||||
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Total current liabilities
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1,973,153 | 1,942,681 | ||||||
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Deferred rent and other liabilities
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491,095 | 493,137 | ||||||
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Income taxes payable
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82,633 | 79,985 | ||||||
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Long term debt
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1,500,000 | 1,500,000 | ||||||
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Total liabilities
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4,046,881 | 4,015,803 | ||||||
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Shareholders' equity:
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Preferred stock - $0.01 par value; authorized - 1,000
shares; no shares issued or outstanding
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- | - | ||||||
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Common stock - $0.01 par value; authorized - 900,000 shares;
issued 337,389 and 336,667 shares, respectively;
outstanding 169,596 and 174,178 shares, respectively
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3,374 | 3,367 | ||||||
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Additional paid-in capital
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1,831,657 | 1,796,692 | ||||||
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Retained earnings
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9,711,827 | 9,553,376 | ||||||
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Treasury stock, at cost; 167,793 and 162,489 shares, respectively
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(8,953,281 | ) | (8,567,932 | ) | ||||
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Accumulated other comprehensive loss
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(41,381 | ) | (42,313 | ) | ||||
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Total shareholders' equity
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2,552,196 | 2,743,190 | ||||||
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Total liabilities and shareholders' equity
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$ | 6,599,077 | $ | 6,758,993 | ||||
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Three Months Ended
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May 30,
2015
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May 31,
2014
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Net sales
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$ | 2,738,495 | $ | 2,656,698 | ||||
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Cost of sales
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1,694,362 | 1,625,813 | ||||||
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Gross profit
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1,044,133 | 1,030,885 | ||||||
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Selling, general and administrative expenses
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770,864 | 730,184 | ||||||
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Operating profit
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273,269 | 300,701 | ||||||
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Interest expense, net
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19,901 | 2,094 | ||||||
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Earnings before provision for income taxes
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253,368 | 298,607 | ||||||
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Provision for income taxes
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94,917 | 111,555 | ||||||
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Net earnings
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$ | 158,451 | $ | 187,052 | ||||
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Net earnings per share - Basic
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$ | 0.94 | $ | 0.94 | ||||
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Net earnings per share - Diluted
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$ | 0.93 | $ | 0.93 | ||||
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Weighted average shares outstanding - Basic
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168,772 | 199,619 | ||||||
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Weighted average shares outstanding - Diluted
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171,133 | 202,096 | ||||||
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Three Months Ended
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May 30,
2015
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May 31,
2014
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Net earnings
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$ | 158,451 | $ | 187,052 | ||||
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Other comprehensive income (loss):
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||||||||
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Change in temporary impairment of auction
rate securities, net of taxes
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(36 | ) | 38 | |||||
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Pension adjustment, net of taxes
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(9 | ) | 72 | |||||
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Currency translation adjustment
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977 | 3,471 | ||||||
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Other comprehensive income
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932 | 3,581 | ||||||
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Comprehensive income
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$ | 159,383 | $ | 190,633 | ||||
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Three Months Ended
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May 30,
2015
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May 31,
2014
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Cash Flows from Operating Activities:
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Net earnings
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$ | 158,451 | $ | 187,052 | ||||
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Adjustments to reconcile net earnings to net cash
provided by operating activities:
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Depreciation and amortization
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62,617 | 57,964 | ||||||
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Stock-based compensation
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17,740 | 18,162 | ||||||
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Tax benefit from stock-based compensation
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6,978 | 5,913 | ||||||
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Deferred income taxes
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(4,234 | ) | (21,823 | ) | ||||
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Other
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(403 | ) | (298 | ) | ||||
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Increase in assets:
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Merchandise inventories
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(112,188 | ) | (119,407 | ) | ||||
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Trading investment securities
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(3,363 | ) | (2,293 | ) | ||||
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Other current assets
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(26,846 | ) | (22,240 | ) | ||||
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Other assets
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(6,909 | ) | (1,758 | ) | ||||
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Increase (decrease) in liabilities:
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Accounts payable
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7,307 | 33,417 | ||||||
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Accrued expenses and other current liabilities
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27,779 | (16,940 | ) | |||||
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Merchandise credit and gift card liabilities
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11,718 | 5,758 | ||||||
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Income taxes payable
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16,398 | 58,194 | ||||||
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Deferred rent and other liabilities
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(1,017 | ) | 2,267 | |||||
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Net cash provided by operating activities
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154,028 | 183,968 | ||||||
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Cash Flows from Investing Activities:
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Purchase of held-to-maturity investment securities
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(16,873 | ) | (39,369 | ) | ||||
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Redemption of held-to-maturity investment securities
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50,000 | 352,500 | ||||||
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Capital expenditures
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(72,364 | ) | (66,932 | ) | ||||
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Net cash (used in) provided by investing activities
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(39,237 | ) | 246,199 | |||||
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Cash Flows from Financing Activities:
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Proceeds from exercise of stock options
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7,536 | 9,705 | ||||||
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Excess tax benefit from stock-based compensation
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2,215 | 1,087 | ||||||
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Repurchase of common stock, including fees
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(385,349 | ) | (272,883 | ) | ||||
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Net cash used in financing activities
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(375,598 | ) | (262,091 | ) | ||||
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Effect of exchange rate changes on cash and cash equivalents
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463 | 1,976 | ||||||
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Net (decrease) increase in cash and cash equivalents
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(260,344 | ) | 170,052 | |||||
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Cash and cash equivalents:
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||||||||
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Beginning of period
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875,574 | 366,516 | ||||||
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End of period
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$ | 615,230 | $ | 536,568 | ||||
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(in millions)
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May 30,
2015
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February 28,
2015
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||||||
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Available-for-sale securities:
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Long term
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$ | 47.9 | $ | 47.9 | ||||
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Trading securities:
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Long term
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52.6 | 49.2 | ||||||
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Held-to-maturity securities:
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Short term
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76.9 | 110.0 | ||||||
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Total investment securities
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$ | 177.4 | $ | 207.1 | ||||
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Three Months Ended
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||||||||
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Black-Scholes Valuation Assumptions (1)
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May 30, 2015
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May 31, 2014
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||||||
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Weighted Average Expected Life (in years) (2)
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6.7 | 6.6 | ||||||
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Weighted Average Expected Volatility (3)
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27.59 | % | 28.31 | % | ||||
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Weighted Average Risk Free Interest Rates (4)
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1.93 | % | 2.11 | % | ||||
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Expected Dividend Yield
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- | - | ||||||
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(Shares in thousands)
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Number of Stock Options
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Weighted Average
Exercise Price
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||||||
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Options outstanding, beginning of period
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3,682 | $ | 51.05 | |||||
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Granted
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501 | 70.96 | ||||||
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Exercised
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(215 | ) | 35.04 | |||||
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Forfeited or expired
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(91 | ) | 63.12 | |||||
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Options outstanding, end of period
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3,877 | $ | 54.23 | |||||
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Options exercisable, end of period
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2,392 | $ | 46.83 | |||||
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(Shares in thousands)
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Number of Restricted
Shares
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Weighted Average
Grant-Date Fair
Value
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Unvested restricted stock, beginning of period
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3,592 | $ | 57.90 | |||||
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Granted
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479 | 71.07 | ||||||
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Vested
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(743 | ) | 47.81 | |||||
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Forfeited
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(69 | ) | 59.47 | |||||
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Unvested restricted stock, end of period
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3,259 | $ | 62.10 | |||||
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(Shares in thousands)
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Number of Performance
Stock Units
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Weighted Average
Grant-Date Fair
Value
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Unvested performance stock units, beginning of period
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391 | $ | 62.34 | |||||
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Granted
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370 | 70.96 | ||||||
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Vested
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(98 | ) | 62.34 | |||||
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Forfeited
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(36 | ) | 67.15 | |||||
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Unvested performance stock units, end of period
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627 | $ | 67.15 | |||||
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·
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To do more for and with its customers;
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·
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To continue to broaden and differentiate its selection and assortment of merchandise; and
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·
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To engage with its customers wherever, whenever and however they prefer whether it be in-store, online, through a mobile device, or in any combination of these methods.
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·
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For the three months ended May 30, 2015, the Company’s net sales were $2.738 billion, an increase of approximately 3.1%, as compared with the three months ended May 31, 2014.
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·
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Comparable sales for the three months ended May 30, 2015 increased by approximately 2.2% as compared with an increase of approximately 0.4%, for the three months ended May 31, 2014. For the first quarter of fiscal 2015, comparable sales included an approximate 0.3% unfavorable impact from the year over year change in the Canadian currency exchange rate. Comparable sales consummated through customer facing online websites and mobile applications increased in excess of 35% over the corresponding three month period last year, while comparable sales consummated in-store were relatively flat over the corresponding three month period last year.
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·
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Gross profit for the three months ended May 30, 2015 was $1.044 billion, or 38.1% of net sales, compared with $1.031 billion, or 38.8% of net sales, for the three months ended May 31, 2014.
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·
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Selling, general and administrative expenses (“SG&A”) for the three months ended May 30, 2015 were $770.9 million, or 28.1% of net sales, compared with $730.2 million, or 27.5% of net sales, for the three months ended May 31, 2014.
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·
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Interest expense for the three months ended May 30, 2015 was $19.9 million compared with $2.1 million for the three months ended May 31, 2014.
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·
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The effective tax rate for the three months ended May 30, 2015 was 37.5% compared with 37.4% for the three months ended May 31, 2014. The tax rates included discrete tax items resulting in net benefits of approximately $1.5 million and $1.8 million, respectively, for the three months ended May 30, 2015 and May 31, 2014.
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·
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For the three months ended May 30, 2015, net earnings per diluted share were $0.93 ($158.5 million) as compared with net earnings per diluted share of $0.93 ($187.1 million) for the three months ended May 31, 2014.
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(a)
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Disclosure Controls and Procedures
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(b)
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Changes in Internal Control
over Financial Reporting
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Period
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Total Number of
Shares Purchased (1)
|
Average Price
Paid per Share (2)
|
Total Number of
Shares Purchased as
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Approximate Dollar
Value of Shares
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||||||||||||
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March 1, 2015 - March 28, 2015
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995,600 | $ | 74.99 | 995,600 | $ | 809,221,959 | ||||||||||
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March 29, 2015 - April 25, 2015
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1,142,900 | $ | 74.20 | 1,142,900 | $ | 724,413,082 | ||||||||||
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April 26, 2015 - May 30, 2015
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3,165,100 | $ | 71.35 | 3,165,100 | $ | 498,579,363 | ||||||||||
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Total
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5,303,600 | $ | 72.65 | 5,303,600 | $ | 498,579,363 | ||||||||||
| BED BATH & BEYOND INC. | |||
| (Registrant) | |||
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Date: July 8, 2015
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By: |
/s/ Susan E. Lattmann
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Susan E. Lattmann
Chief Financial Officer and Treasurer
(Principal Financial and Accounting Officer)
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|||
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Exhibit No.
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Exhibit
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10.1
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Form of Performance Stock Unit Agreement under 2012 Incentive Compensation Plan (effective 2015).
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31.1
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Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
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31.2
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Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
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32
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Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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101.INS
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XBRL Instance Document
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101.SCH
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XBRL Taxonomy Extension Schema Document
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101.CAL
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XBRL Taxonomy Extension Calculation Linkbase Document
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101.LAB
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XBRL Taxonomy Extension Label Linkbase Document
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101.PRE
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XBRL Taxonomy Extension Presentation Linkbase Document
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101.DEF
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XBRL Taxonomy Extension Definition Linkbase Document
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No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
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| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
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No information found
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Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
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