FOR IMMEDIATE RELEASE
BED BATH & BEYOND INC. REPORTS RESULTS FOR FISCAL 2019 SECOND QUARTER
Reported Second Quarter Net Loss Per Diluted Share of $(1.12); Adjusted Net Earnings Per Diluted Share of $0.34
Company Seeing Positive Results from First Wave of Transformation Initiatives
Fiscal 2019 Outlook Continues to be In-Line with Most Recent Guidance
UNION, New Jersey, October 2, 2019 --- Bed Bath & Beyond Inc. (Nasdaq: BBBY) today reported financial results for the second quarter of fiscal 2019 ended August 31, 2019.
Mary A. Winston, Interim CEO, stated, "We are making good progress against our four key near-term priorities, including: (1) stabilizing sales and driving top-line growth; (2) resetting the cost structure; (3) reviewing and optimizing the Company's asset base, including the portfolio of retail banners; and (4) refining our organization structure. Our second quarter financial results reflect the relentless effort of our teams and our progress in driving the Company's transformation efforts to delight our customers, enhance our competitive position, improve our financial performance, and drive shareholder value."
Fiscal 2019 Second Quarter Results
For the fiscal 2019 second quarter, the Company reported a net loss of $(1.12) per diluted share ($(138.8) million), which included an unfavorable impact of approximately $1.46 per diluted share from charges related to the first wave of transformation initiatives including, severance costs associated with the corporate workforce reduction and decision to outsource certain functions, and an inventory write down. In addition, non-cash store impairment charges were incurred during the quarter. This compares to net earnings of $0.36 per diluted share ($48.6 million) for the fiscal 2018 second quarter. Excluding the severance costs, inventory write down, and store impairment charges, the Company reported adjusted net earnings of $0.34 per diluted share ($41.9 million) for the fiscal 2019 second quarter, compared to adjusted net earnings of $0.38 per diluted share ($52.0 million) for the fiscal 2018 second quarter, excluding severance costs. Net sales for the fiscal 2019 second quarter were approximately $2.7 billion, a decrease of approximately 7.3% compared to the prior year period. Comparable sales in the fiscal 2019 second quarter declined approximately 6.7%.
Today, the Company’s Board of Directors declared a quarterly dividend of $0.17 per share payable on January 14, 2020 to shareholders of record at the close of business on December 13, 2019.
During the fiscal 2019 second quarter, the Company repurchased approximately $16.5 million of its common stock, representing approximately 1.4 million shares.
The Company ended the fiscal 2019 second quarter with approximately $1.0 billion in cash and investments, compared with approximately $1.1 billion in cash and investments at the end of the fiscal 2018 second quarter.
Fiscal 2019 Updated Financial Outlook
Fiscal 2019 full-year results continue to be in line with the Company's most recent guidance and assumes current investment plans to drive top-line performance in the back half, as well as its comp sales trends year to date, and excludes goodwill and other impairments, severance costs, shareholder activity costs, the inventory write down, and any
The following information was filed by Bed Bath Beyond Inc (BBBY) on Wednesday, October 2, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.