{"id":475966,"date":"2021-04-14T07:03:56","date_gmt":"2021-04-14T11:03:56","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/bed-bath-beyond-inc-reports-fiscal-2020-fourth-quarter-full-year-results\/"},"modified":"2021-04-14T07:03:56","modified_gmt":"2021-04-14T11:03:56","slug":"bed-bath-beyond-inc-reports-fiscal-2020-fourth-quarter-full-year-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/bed-bath-beyond-inc-reports-fiscal-2020-fourth-quarter-full-year-results\/","title":{"rendered":"Bed Bath & Beyond Inc. Reports Fiscal 2020 Fourth Quarter & Full Year Results"},"content":{"rendered":"
\n

DELIVERS 3RD CONSECUTIVE QUARTER OF COMPARABLE SALES AND PROFIT GROWTH<\/h2>\n

COMPLETES FISCAL YEAR 2020, A YEAR OF FAST-PACED TRANSFORMATION<\/h2>\n

ENHANCES STRATEGIC POSITIONING FOR FISCAL 2021; STRENGTHENS 3-YEAR PLAN<\/h2>\n

– 3rd Consecutive Quarter of Comparable Sales Growth, +4% (Total Enterprise); +6% (BBB banner\u00b9)<\/h2>\n

– Q4 GAAP Net Income of $9 Million; Adjusted Net Income of $47 Million<\/h2>\n

– Q4 GAAP EPS – Diluted $0.08; Adjusted EPS – Diluted $0.40<\/h2>\n

– Q4 Adjusted EBITDA Increases 13% to $168 Million; Adjusted EBITDA Margin Increases 160 bps to 6.4%<\/h2>\n

– Fiscal 2021 Outlook on Net Sales of $8.0-$8.2 Billion and Adjusted EBITDA of $500-$525 Million<\/h2>\n

– Projects Faster Improvement of Gross Debt-to-EBITDA Ratio of <3x in Fiscal 2021<\/h2>\n

– Increases 3-Year Share Repurchase Program to $1 Billion from $825 Million<\/h2>\n

– Continues Positive Net Sales Trends In Early Fiscal 2021; Expects Q1 Core Banner\u00b9 Sales Growth of +65 to +70%<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n UNION, N.J.<\/span>, April 14, 2021<\/span> \/PRNewswire\/ — Bed Bath & Beyond Inc. (Nasdaq: BBBY) today reported financial results for the fourth quarter of fiscal 2020 ended February\u00a027, 2021. <\/p>\n

\n

\n
\n \"(PRNewsfoto\/Bed
\n <\/a>\n <\/p>\n<\/p><\/div>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n

\n
\n Reported\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Adjusted2\u00a0<\/sup><\/b><\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (in millions, except per share data)<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Three months ended<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Three months ended<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n February
29, 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n February
27, 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Diff<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n February
29, 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n February
27, 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Diff<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Net Sales<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $3,107<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $2,619<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (16%)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Total enterprise comp sales growth<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n +4%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0\u00a0\u00a0\u00a0 BBB banner1<\/sup><\/b>comp sales growth<\/b><\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n +6%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Gross Margin<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 32.6%<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 31.5%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (110)bps<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 32.6%<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 32.8%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n +20bps<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n SG&A<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $1,027<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $763<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n ($264)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $953<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $763<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n ($190)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Net Income<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n ($65)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n +$74<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $47<\/span>\n <\/p>\n<\/td>\n

\n

\n $47<\/span>\n <\/p>\n<\/td>\n

\n

\n $0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Adjusted EBITDA<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $148<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $168<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n +13%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Adjusted EBITDA Margin<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 4.8%<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 6.4%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n +160bps<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n EPS – Diluted<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n ($0.53)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $0.08<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n +$0.61<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $0.38<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $0.40<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n +$0.02<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n Mark Tritton<\/span>, 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.\u00a0 <\/p>\n

“We are excited to start fresh in 2021 with our sharpened size and scale, a healthier portfolio of core banners and a stronger financial position to execute the first phase of our 3-year transformation journey. As our transformation continues to take hold, we will show up differently for our customers with enhanced omnichannel experiences and modern stores, new communications and differentiated Owned Brands that will elevate the shopping experience and make it even easier to shop with the new Bed Bath & Beyond.”<\/p>\n

\n
\n Q4 Highlights<\/u>
\n <\/b>\n <\/p>\n