Consolidated
Selected
Feb. 25,
2012
Financial
Data
Feb. 26,
2011
Feb. 27,
2010
Feb. 28,
2009
March 1,
2008 (2)
$ 9,499,890
$ 8,758,503
$ 7,828,793
Gross prot
3,930,933
3,622,929
3,208,119
2,873,236
Operating prot
1,568,369
1,288,458
980,687
989,537
791,333
600,033
March 3,
2007
Feb. 25,
2006
Feb. 26,
2005
Feb. 28,
2004 (3)
Net earnings
$ 7,208,340 $ 7,048,942
$ 6,617,429
$ 5,809,562
$ 5,147,678
$ 4,477,981
2,925,231
2,835,402
2,485,748
2,186,301
1,876,664
673,896
838,022
889,401
879,171
792,414
639,343
425,123
562,808
594,244
572,847
504,964
399,470
4.06
3.07
2.30
1.64 $
2.10
2.09
1.92
1.65
1.31
1,173
1,139
1,100
1,037
971
888
809
721
629
36,125
35,055
33,740
32,050
30,181
27,794
25,502
22,945
20,472
5.9%
7.8%
4.4%
(2.4)%
1.0%
4.9%
4.6%
4.5%
6.3%
$ 9,157,183
$ 8,339,112
$ 7,409,203
$ 5,281,675
$ 4,468,095
$ 3,902,308
1,076
1,013
942
683
605
535
416
$ 2,803,809
$ 2,751,398
$ 2,413,791
$ 1,082,399
$ 1,223,409
$ 1,199,752
5,724,546
5,646,193
5,152,130
4,268,843
3,844,093
3,959,304
3,382,140
3,199,979
2,865,023
$ 3,922,528
$ 3,931,659
$ 3,652,904
$ 2,203,762
$ 1,990,820
874
792
(1)
Each scal year represents 52 weeks, except for scal 2006 (ended March 3, 2007) and scal 2000 (ended March 3, 2001) which represents
53 weeks and scal 1996 (ended March 1, 1997) which represents 52 weeks and 6 days.
(2)
On March 22, 2007, the Company acquired Buy Buy BABY, Inc.
(3)
On June 19, 2003, the Company acquired Christmas Tree Shops, Inc.
(4)
Net earnings per share amounts for scal 2000 and prior have been adjusted for two-for-one stock splits of the Companys common
stock (each of which was effected in the form of a 100% stock dividend), which were distributed in scal 2000, 1998, 1996 and 1993.
The Company has not declared any cash dividends in any of the scal years noted above.
(1)
March 1,
2003
March 2,
2002
March 3,
2001
$ 3,665,164
$ 2,927,962
$ 2,396,655
$ 1,857,505
$ 1,382,345
1,518,547
1,207,566
986,459
766,801
480,057
346,100
272,838
302,179
219,599
171,922
1.00
0.74
Feb. 26,
2000
0.59
Feb. 27,
1999
March 1,
1997
Feb. 25,
1996
Feb. 26,
1995
$ 1,057,135
$ 816,912
$ 597,352
$ 437,807
$ 304,571
$ 216,411
576,125
441,016
341,168
250,036
183,819
127,972
90,528
209,340
158,052
118,914
90,607
67,585
51,685
36,906
26,660
131,229
97,346
73,142
55,015
39,459
30,013
21,887
15,960
0.46
Feb. 28,
1998
0.34
0.26
0.20
0.14
0 .11
Feb. 27,
1994
0.08
Feb. 28,
1993
0.06
519
396
311
241
186
141
108
80
61
45
38
17,452
14,724
12,204
9,815
7,688
5,767
4,347
3,214
2,339
1,512
1,128
7.9%
7.1%
5.0%
9.2%
7.6%
6.4%
6.1%
3.8%
12.0%
10.6%
7.2%
188,293
$ 127,333
$ 91,331
$ 74,390
$ 56,001
$ 34,842
914,220
715,439
532,524
360,585
267,557
2,188,842
1,647,517
1,195,725
865,800
633,148
458,330
329,925
235,810
176,678
121,468
76,654
5,000
16,800
13,300
$ 1,451,921
$ 1,094,350
295,397
$ 214,361
$ 151,446
$ 108,939
$ 77,305
$ 54,643
817,018
559,045
411,087
(5)
The Company has added this disclosure prospectively beginning with scal 2003 information.
(6)
In scal 2011, 2010, 2009, 2008, 2007, 2006, 2005 and 2004, the Company repurchased approximately $1.218 billion, $688 million,
$95 million, $48 million, $734 million, $301 million, $598 million and $350 million of its common stock, respectively.
(7)
In scal 2006, the Company adopted Staff Accounting Bulletin 108, Considering the Effects of Prior Year Misstatements when Quantifying
Misstatements in Current Year Financial Statements resulting in a one-time net reduction to Shareholders equity of $34.3 million.
To
Our
Fellow
Shareholders:
As we look to the future, some of the new initiatives we are working on include:
s 4HE RELOCATION OF OUR &ARMINGDALE AND 'ARDEN #ITY .EW 9ORK OFlCES TO OUR CORPORATE HEADQUARTERS IN 5NION
.EW *ERSEY 4HIS TRANSITION IS BEING MADE TO IMPROVE THE COMMUNICATION COLLABORATION COORDINATION AND
EXECUTION ACROSS ALL OF OUR CONCEPTS ACTIVITIES AND PLATFORMS AND TO LEVERAGE INTERNAL AND EXTERNAL RESOURCES
to support the continued growth of our Company.
s 4HE OPENING OF A NEW SQUARE FOOT %
3ERVICE FULlLLMENT CENTER TO BETTER SERVE THE NEEDS OF OUR
online customers.
s 4HE DEVELOPMENT OF AN ENHANCED WEBSITE EXPERIENCE FOR OUR CUSTOMERS
s 4HE INITIAL PHASE OF A NEW )4 DATA CENTER TO SUPPORT OUR ONGOING TECHNOLOGY INITIATIVES
We look forward to the benets which each of these initiatives will bring to our Company.
As recently announced, our Company entered into an agreement to acquire Cost Plus, Inc., a leading specialty retailer
of home decorating items, furniture, gifts, and gourmet foods and beverages. We are excited about the prospects of
welcoming the Cost Plus associates, customers and vendors to the Bed Bath & Beyond family. Assuming the acquisition is
completed as expected, we will be able to do even more for, and with, our collective customers through the combination
of the highly talented Cost Plus organization with our own dedicated associates.
While we are excited about the future, consistent with our culture, we will focus on what we can do to enhance our
customers overall experience in our stores, online and through mobile devices and social media. We remain committed
to being our customers rst choice for the merchandise categories we offer, domestically, interactively, and over the longer
term internationally. We are condent that our Company is well positioned to grow protably and continue to build
shareholder value.
Through the ongoing efforts of our talented and dedicated associates, and the support of our business partners and
shareholders, we look forward to achieving our goals for another successful year.
We believe our Companys future has never been brighter.
WARREN EISENBERG
LEONARD FEINSTEIN
STEVEN H. TEMARES
Co-Chairman
and Co-Founder
Co-Chairman
and Co-Founder
CORPORATE PROFILE
Founded in 1971, Bed Bath & Beyond Inc. is a chain of retail stores that sell a wide assortment of domestics merchandise
and home furnishings. Domestics merchandise includes categories such as bed linens and related items, bath items and kitchen
TEXTILES (OME FURNISHINGS INCLUDE CATEGORIES SUCH AS KITCHEN AND TABLETOP ITEMS lNE TABLETOP BASIC HOUSEWARES GENERAL
HOME FURNISHINGS CONSUMABLES AND CERTAIN JUVENILE PRODUCTS 4HE #OMPANYS STORES COMBINE SUPERIOR SERVICE AND A BROAD
SELECTION OF ITEMS AT EVERYDAY LOW PRICES 3HARES OF "ED "ATH "EYOND )NC ARE TRADED ON THE .!3$!1 .ATIONAL -ARKET
UNDER THE SYMBOL """9 AND ARE INCLUDED IN THE 3TANDARD 0OORS AND 'LOBAL )NDICES AND THE .!3$!1
)NDEX
The Company is counted among the Fortune 500 and the Forbes 2000.
OVERVIEW
Bed Bath & Beyond Inc. and subsidiaries (the Company) is a chain of retail stores, operating under the names Bed Bath &
Beyond (BBB), Christmas Tree Shops (CTS), Harmon and Harmon Face Values (Harmon) and buybuy BABY. In addition, the
Company is a partner in a joint venture which operates two stores in the Mexico City market under the name Home & More.
The Company sells a wide assortment of domestics merchandise and home furnishings. Domestics merchandise includes categories
such as bed linens and related items, bath items and kitchen textiles. Home furnishings include categories such as kitchen and
tabletop items, ne tabletop, basic housewares, general home furnishings, consumables and certain juvenile products. The
Companys objective is to be a customers rst choice for products and services in the categories offered, in the markets in which
the Company operates.
The Companys strategy is to achieve this objective through excellent customer service, an extensive breadth and depth of
assortment, everyday low prices and introduction of new merchandising offerings, supported by the continuous development
and improvement of its infrastructure.
Operating in the highly competitive retail industry, the Company, along with other retail companies, is inuenced by a number
of factors including, but not limited to, general economic conditions including the housing market, the overall macroeconomic
environment and related changes in the retailing environment, consumer preferences and spending habits, unusual weather
patterns and natural disasters, competition from existing and potential competitors, and the ability to nd suitable locations at
acceptable occupancy costs to support the Companys expansion program.
The Company continues to face a number of economic challenges impacting consumer condence and spending, including
relatively high unemployment and commodity prices and a sluggish housing market. The Company cannot predict whether,
when or the manner in which these economic conditions will change.
The Company remains committed to making the required investments in its infrastructure to help position the Company for
continued success. The Company continues to review and prioritize its capital needs while continuing to make investments,
principally for new stores, existing store improvements, information technology enhancements including increased spending on
its interactive platforms, and other projects whose impact is considered important to its future.
The following represents an overview of the Companys nancial performance for the periods indicated: