Earnings Call Excerpt
Bed Bath & Beyond, Inc. (BBBY)
F1Q06 Earnings Conference Call
June 21, 2006, 5 pm ET
Executives
Warren Eisenberg - Co-Chairman of the Board of Directors
Steven Temares - CEO
Ronald Curwin - SVP of IR
Operator
Good afternoon. At this time, I would like to welcome everyone to the Bed Bath & Beyond first quarter of 2006 earnings 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.
Presentation
Ron Curwin
Thank you, and good afternoon. Welcome to Bed Bath & Beyond's first quarter of fiscal 2006 conference call. Within the past hour we issued a press release covering Bed Bath & Beyond's results for the three-month period ended May 27, 2006. During this call we will comment on some of the quarter's highlights and update guidance for fiscal 2006, a 53-week year ending on March 3, 2007.
Before proceeding I will read the following statement and I quote:
Bed Bath & Beyond first quarter 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.
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 the Company's control. Please refer to Bed Bath & Beyond's SEC filings including its Form 10-K for the year ended February 25, 2006. The Company does not undertake any obligation to update its forward-looking statements.
Warren Eisenberg, Co-Chairman of Bed Bath & Beyond, leads off today's call. Steve Temares, Chief Executive Officer and member of the Board of Directors, will follow Warren. Our earnings guidance for the fiscal second quarter and for all of fiscal 2006 and some additional financial commentary will conclude today's call. I am now very pleased to introduce Warren Eisenberg. Warren.
Warren Eisenberg
I'm very pleased to be able to say that once again in our first fiscal quarter of 2006 we've achieved record sales and earnings, as we have every single quarter since becoming a public company in 1992.
- We expect to open between 75 and 80 new Bed Bath & Beyond Stores for all fiscal 2006, of which ten were opened during our fiscal first quarter. In the fiscal second quarter approximately 12 Bed Bath & Beyond Stores -- including three, which have already opened -- are expected to make their debut.
- Our consolidated balance sheet as of May 27, 2006 remains strong and flexible. Even after substantially completing our $600 million share buyback program in last year's final quarter the combined total of cash, cash equivalents and investment securities was approximately $1.1 billion.
- Merchandise inventories at May 27, 2006 were on plan at approximately $1.4 billion. Inventories continue to be tailored by store to meet the anticipated demands of our customers and are in excellent condition going into the summer selling season, which includes the important back-to-college period.
- Cash outlays for CapEx in the first quarter, including the acquisition of the Union New Jersey headquarters, new stores and information technology, amounted to approximately $79 million.
- Depreciation for the fiscal first quarter approximated $31 million.
- Shareholders equity at May 27, 2006, after taking into consideration the fiscal 2005 share repurchase, was approximately $2.4 billion.
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