Earnings Call Excerpt
Bed Bath & Beyond Inc. (BBBY)
F1Q08 Earnings Call
June 25, 2008 5:00 pm ET
Executives
Ronald Curwin – Senior Vice President of Investor Relations
Warren Eisenberg – Co-Chairman of the Board
Steven H. Temares – Chief Executive Officer & Director
Presentation
Operator
Welcome to the Bed Bath & Beyond first quarter of fiscal 2008 results conference call. (Operator Instructions) Now, at this time it is my pleasure to turn the conference over to Ron Curwin, Senior Vice President of Investor Relations of Bed Bath & Beyond.
Ronald Curwin
Welcome to Bed Bath & Beyond’s first quarter fiscal 2008 conference call. Within the past hour we issued a press release covering Bed Bath & Beyond’s results for the three month period ended May 31, 2008. During this call we will comment on some of the quarter’s highlights and update guidance for the fiscal second quarter and for all of fiscal 2008, a 52 week year ending on February 28, 2009.
Before proceeding I will read the following statement and I quote, ?Bed Bath and Beyond fiscal’s first quarter press release and comments made during this call make contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 as amended. Many of these forward-looking statements can be identified by the use of words such as may, will, expect, anticipate, estimate, assume, continue, project, plan and similar words and phrases.
The company’s actual results and future financial condition may differ materially from those expressed in any such forward-looking statements as a result of many factors that may be outside of the company’s control. Please refer to Bed Bath & Beyond’s SEC filings including its Form 10K for the year ended March 1, 2008. The company does not undertake any obligation to update forward-looking statements.
Warren Eisenberg, Co-Chairman of Bed Bath & Beyond leads off today’s call. Steven Temares, Chief Executive Officer and a member of the Board of Directors will follow Warren. An update of our earnings guidance for the fiscal second quarter ending on August 30, 2008 and for all of fiscal 2008 and some additional financial commentary will conclude today’s call. I’m now very pleased to introduce Warren Eisenberg.
Warren Eisenberg
Our press release issued within the past hour showed that our company earned $0.30 per share in the fiscal quarter ended May 31, 2008 compared with earnings of $0.38 per share in the comparable period a year ago. These results which were at the upper end of our April 9th guidance range continue to reflect the challenging macroeconomic environment to which as we previously pointed out, we’re not immune. The retail sector for home related products continues to be affected by the macroeconomic environment including the slowdown in housing, particularly in certain parts of the country such as Arizona, California, Florida and Nevada, tight credit markets, high energy costs and ongoing consolidation.
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