Earnings Call Excerpt
Bed Bath & Beyond Inc. (BBBY)
F4Q07 Earnings Call
April 9, 2008 5:00 pm ET
Executives
Ronald Curwin - Senior Vice President, Investor Relations
Leonard Feinstein - Co-Chairman of the Board
Steven H. Temares - Chief Executive Officer, Director
Presentation
Operator
Welcome to Bed Bath & Beyond's fiscal fourth quarter and fiscal year 2007 results conference call. (Operator Instructions) Now at this time I would like to turn the conference over to Ron Curwin, Senior Vice President of Investor Relations of Bed Bath & Beyond. Mr. Curwin, please go ahead.
Ronald Curwin
Thank you and good afternoon. Welcome to Bed Bath & Beyond's fiscal fourth quarter and fiscal year 2007 conference call. Within the past hour, we issued a press release announcing Bed Bath & Beyond's results for the three and 12-month fiscal periods ended March 1, 2008, a 52-week year. You may recall that last year, fiscal year 2006, consisted of 53 weeks and that the fiscal fourth quarter of that year was a 14-week period.
During this call, we will review fiscal fourth quarter results. We will also provide our initial guidance for fiscal 2008, which will be a 52-week year ending on February 28, 2009.
Before proceeding, I will read the following statement, and I quote: Bed Bath & Beyond's fiscal fourth quarter 2007 press release and comments made during this call may contain forward-looking statements within the meaning of Section 21-E of the Securities Exchange Act of 1934 as amended. Please refer to Bed Bath & Beyond's SEC filings, including its Form 10-K for the year ended March 3, 2007 and the forms 10-Q and 8-K filed by the company since that date. The company does not undertake any obligation to update its forward-looking statements. And that’s the end of quote.
Leonard Feinstein, 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 Len. Some additional financial commentary will conclude today’s call.
I am now very pleased to introduce Leonard Feinstein. Len.
Leonard Feinstein
Good afternoon. Our press release issued within the past hour showed that our company earned $0.66 per share in the fiscal fourth quarter and $2.10 per share in the fiscal year ended March 1, 2008, compared with earnings per share of $0.72 and $2.09 in the prior year’s fiscal fourth quarter and full year, respectively.
As we have previously discussed, the fiscal 2006 results included an additional week and reflected a fourth quarter non-recurring charge of approximately $0.07 per share. As we said in our last conference call on January 3rd, we are not immune to the challenges presented by the difficult macroeconomic conditions which persist. Although we are never satisfied and always look to do better, we are pleased with our performance for the fiscal fourth quarter and full year 2007 and we will continue to base our actions on what is prudent under the circumstances and what is in the best interest, both near term and over the long-term of our company, our customers, and our shareholders.
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