Earnings Call Excerpt
Bed Bath & Beyond, Inc. (BBBY)
Q1 2009 Earnings Call
June 24, 2009 5:00 pm ET
Executives
Eugene A. Castagna – Chief Financial Officer & Treasurer
Warren Eisenberg – Co-Chairman of the Board
Steven H. Temares – Chief Executive & Director
Presentation
Operator
Welcome to the Bed Bath & Beyond first quarter of 2009 results conference call. All participants are in a listen only mode for the duration of the call. This call is being recorded. A rebroadcast of the conference will be available beginning on Wednesday, June 24, 2009 at 6:30 pm eastern time through 6:30 pm eastern time on Friday June 26, 2009. To access the rebroadcast you may dial 1-888-203-1112 with a pass code ID of 2480651. Now at this time it is my pleasure to turn the conference over to Gene Castagna, Chief Financial Officer and Treasurer of Bed Bath & Beyond.
Eugene A. Castagna
Welcome to Bed Bath & Beyond’s first quarter of fiscal 2009 conference call. Within the past hour we issued a press release announcing Bed Bath & Beyond’s results for the three month period ended May 30, 2009. During this call we will comment on some of the first quarter’s highlights, provide our second quarter planning assumptions and update our fiscal 2009 planning assumptions.
Before proceeding I will read the following statement, Bed Bath & Beyond’s fiscal first quarter press release and comments made during this call may 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 position 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 10K for the year ended February 28, 2009. 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. Steven Temares, Chief Executive Officer and Member of the Board of Directors will follow Warren. 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 last hour showed that our company earned $0.34 per diluted share in the fiscal quarter ended May 30, 2009 compared with $0.30 per diluted share last year. Despite the challenges of the current macroeconomic environment we were pleased that we continued to outpace the performance reported by others.
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