BED BATH & BEYOND INC. REPORTS FISCAL 2020 FOURTH QUARTER & FULL YEAR RESULTS
DELIVERS 3RD CONSECUTIVE QUARTER OF COMPARABLE SALES AND PROFIT GROWTH
COMPLETES FISCAL YEAR 2020, A YEAR OF FAST-PACED TRANSFORMATION
ENHANCES STRATEGIC POSITIONING FOR FISCAL 2021; STRENGTHENS 3-YEAR PLAN
•3rd Consecutive Quarter of Comparable Sales Growth, +4% (Total Enterprise); +6% (BBB banner1)
•Q4 GAAP Net Income of $9 Million; Adjusted Net Income of $47 Million
•Q4 GAAP EPS - Diluted $0.08; Adjusted EPS - Diluted $0.40
•Q4 Adjusted EBITDA Increases 13% to $168 Million; Adjusted EBITDA Margin Increases 160 bps to 6.4%
•Reaffirms Fiscal 2021 Outlook on Net Sales of $8.0-$8.2 Billion and Adjusted EBITDA of $500-$525 Million
•Projects Faster Improvement of Gross Debt-to-EBITDA Ratio of <3x in Fiscal 2021
•Increases 3-Year Share Repurchase Program to $1 Billion from $825 Million
•Continues Positive Net Sales Trends In Early Fiscal 2021; Expects Q1 Core Banner1 Sales Growth of +65 to +70%
UNION, New Jersey, April 14, 2021 --- Bed Bath & Beyond Inc. (Nasdaq: BBBY) today reported financial results for the fourth quarter of fiscal 2020 ended February 27, 2021.
Mark Tritton, Bed Bath & Beyond’s President and CEO said, “Fiscal 2020 was a year of fast-paced transformation in which we reformed the past, overcame extraordinary circumstances of the present, and established a firm foundation for the future. Despite the challenges created by the COVID-19 pandemic, we relentlessly focused on taking purposeful and bold steps to transform our entire organization and remained true to our plans to rebuild our authority in Home and restore this iconic Company. Importantly, we prioritized the health and wellbeing of our associate teams, customers and communities and I am so proud of how our people have come together to deliver for one another and the millions of people who count on us.
The following information was filed by Bed Bath Beyond Inc (BBBY) on Wednesday, April 14, 2021 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.