UNION, N.J., Dec. 2 /PRNewswire-FirstCall/ -- Bed Bath & Beyond Inc. today
announced that it is presently estimating net earnings for the fiscal third
quarter ended November 29, 2008 of approximately $.31 to $.35 per diluted
share. Net sales for the fiscal third quarter are estimated to have decreased
by approximately 0.7% from net sales reported a year ago. The Company's
comparable store sales for the quarter are estimated to have declined by
approximately 5.6% as compared with previous guidance of a relatively flat to
low single digit decline.
Steven H. Temares, Chief Executive Officer and Member of the Board of
Directors of Bed Bath & Beyond Inc. stated, "The overall macroeconomic climate
remains challenging, which, combined with liquidation sales of a major
competitor, negatively impacted our fiscal third quarter. We continue to focus
on our customers and in doing so, seek to further distance ourselves from our
competitors. We also will continue to base our actions on what is prudent
under current circumstances and what is in the best long-term interests of our
Company, our customers and our shareholders."
The Company expects to report its actual results for the fiscal third
quarter after the close of trading on Wednesday, January 7, 2009, and will
update guidance for the fourth quarter and full year fiscal 2008 during its
conference call scheduled for 5:00 PM (EST) on that date. Due to the
Thanksgiving holiday occurring one week later this year than last year, the
fiscal third quarter sales comparisons had a slight adverse impact. The
fiscal fourth quarter sales comparisons are expected to have a slight benefit
due to two additional pre-Christmas shopping days in the fiscal fourth quarter
versus last year. The Company does not undertake any obligation to update its
forward-looking statements or make "pre-announcements" such as that contained
in this press release.
* * * * * * * *
Bed Bath & Beyond Inc. and subsidiaries (the "Company") is a chain of
retail stores, operating under the names of Bed Bath & Beyond, Christmas Tree
Shops, Harmon, Harmon Face Values and buybuy BABY. Through a joint venture,
the Company also operates two stores in Mexico under the name "Home & More."
The Company sells a wide assortment of merchandise principally including
domestics merchandise and home furnishings as well as food, giftware, health
and beauty care items and infant and toddler merchandise. Shares of Bed Bath
& Beyond Inc. are traded on NASDAQ under the symbol "BBBY" and are included in
the Standard and Poor's 500 and Global 1200 Indices and the NASDAQ-100 Index.
The Company is counted among the Fortune 500 and the Forbes 2000.
This press release may contain forward-looking statements. Many of these
forward-looking statements can be identified by 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. Such factors include, without limitation: general economic
conditions including the housing market and fuel costs; changes in the
retailing environment and consumer preferences and spending habits;
demographics and other macroeconomic factors that may impact the level of
spending for the types of merchandise sold by the Company; unusual weather
patterns; competition from existing and potential competitors; competition
from other channels of distribution; pricing pressures; the cost of labor,
merchandise and other costs and expenses; the ability to find suitable
locations at acceptable occupancy costs to support the Company's expansion
program; the impact of failed auctions for auction rate securities held by the
Company; and matters arising out of or related to the Company's stock option
grants and procedures and related matters, including the outcome of the
informal inquiry commenced by the SEC, the possibility that the SEC may not
agree with all of the special committee's findings and recommendations and may
require additional or different remediation, any other proceedings which may
be brought against the Company by the SEC or other governmental agencies, any
tax implications relating to the Company's stock option grants, the outcome of
a shareholder derivative action filed against certain of the Company's
officers and directors and related matters, and the possibility of other
private litigation relating to such stock option grants and related matters.
The Company does not undertake any obligation to update its forward-looking
statements.
SOURCE Bed Bath & Beyond Inc.
