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Bed Bath & Beyond reports 4.2% hike in Q4FY14 sales
13 Apr '15
3 min read
Net sales at Bed Bath & Beyond Inc were up 4.2 per cent year over year for the fourth quarter ended February 28, 2015.
Net sales for the fourth quarter of fiscal 2014 were $3.337 billion, an increase of 4.2 per cent from net sales of $3.203 billion reported in the fourth quarter of fiscal 2013.
Comparable sales in the reporting quarter rose by 3.7 per cent, compared with an expansion of 1.7 per cent in last year's fiscal fourth quarter.
“Comparable sales for the fourth quarter of fiscal 2014 include an approximate 0.2 per cent from an unfavourable impact from the change in the Canadian currency exchange rate,” it said in a press release.
For the fourth quarter of fiscal 2014, the Company reported net income of $321.1 million or $1.80 per diluted share as against net income of $333.3 million or $1.60 per diluted share for prior year quarter.
Net sales for fiscal 2014 were $11.881 billion, a rise of 3.3 per cent from net sales of $11.504 billion in fiscal 2013, while comparable sales mounted 2.4 per cent, the same as in fiscal 2013.
For the fiscal under review, net income was $957.5 million or $5.07 per diluted share compared with $1.022 billion or $4.79 per diluted share.
“Cost Plus World Market was excluded from the comparable sales calculations through the end of the fiscal first half of 2013 and is included beginning with the fiscal third quarter of 2013,” it added.
According to Bed Bath & Beyond, Linen Holdings is excluded from the comparable sales calculations and will continue to be excluded on an ongoing basis because it represents non-retail activity.
During the fourth quarter of fiscal 2014, it repurchased approximately $947 million of its common stock, representing approximately 11.8 million shares.
Of this total, approximately $782 million, representing approximately 10.3 million shares, were from open market repurchases.
The remaining $165 million and 1.5 million shares represented the net settlement at the completion of the Company's $1.1 billion accelerated share repurchase program in December 2014.
As of February 28, 2015, the remaining balance of the current $2.0 billion share repurchase program was approximately $884 million.
The Company is projecting a 2-3 per cent increase for comparable sales for both the first quarter of fiscal 2015 and the full fiscal.
It expects net earnings per diluted share to be between $.90 and $.95 for the first quarter of fiscal 2015, and to be between relatively flat and a mid-single digit percentage increase for the fiscal full year.
The Company's fiscal 2015 model includes the impact of approximately $.24 per diluted share related to four non-comparable items between its 2014 results and its 2015 model. (AR)
Net sales for the fourth quarter of fiscal 2014 were $3.337 billion, an increase of 4.2 per cent from net sales of $3.203 billion reported in the fourth quarter of fiscal 2013.
Comparable sales in the reporting quarter rose by 3.7 per cent, compared with an expansion of 1.7 per cent in last year's fiscal fourth quarter.
“Comparable sales for the fourth quarter of fiscal 2014 include an approximate 0.2 per cent from an unfavourable impact from the change in the Canadian currency exchange rate,” it said in a press release.
For the fourth quarter of fiscal 2014, the Company reported net income of $321.1 million or $1.80 per diluted share as against net income of $333.3 million or $1.60 per diluted share for prior year quarter.
Net sales for fiscal 2014 were $11.881 billion, a rise of 3.3 per cent from net sales of $11.504 billion in fiscal 2013, while comparable sales mounted 2.4 per cent, the same as in fiscal 2013.
For the fiscal under review, net income was $957.5 million or $5.07 per diluted share compared with $1.022 billion or $4.79 per diluted share.
“Cost Plus World Market was excluded from the comparable sales calculations through the end of the fiscal first half of 2013 and is included beginning with the fiscal third quarter of 2013,” it added.
According to Bed Bath & Beyond, Linen Holdings is excluded from the comparable sales calculations and will continue to be excluded on an ongoing basis because it represents non-retail activity.
During the fourth quarter of fiscal 2014, it repurchased approximately $947 million of its common stock, representing approximately 11.8 million shares.
Of this total, approximately $782 million, representing approximately 10.3 million shares, were from open market repurchases.
The remaining $165 million and 1.5 million shares represented the net settlement at the completion of the Company's $1.1 billion accelerated share repurchase program in December 2014.
As of February 28, 2015, the remaining balance of the current $2.0 billion share repurchase program was approximately $884 million.
The Company is projecting a 2-3 per cent increase for comparable sales for both the first quarter of fiscal 2015 and the full fiscal.
It expects net earnings per diluted share to be between $.90 and $.95 for the first quarter of fiscal 2015, and to be between relatively flat and a mid-single digit percentage increase for the fiscal full year.
The Company's fiscal 2015 model includes the impact of approximately $.24 per diluted share related to four non-comparable items between its 2014 results and its 2015 model. (AR)
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