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Bed Bath & Beyond Inc. Reports Results For FISCAL 2015 FOURTH QUARTER AND FULL YEAR

The following excerpt is from the company's SEC filing.

Announces Board Authorization of Quarterly Dividend Program; Declares Initial $.125 Dividend

Quarterly Net Earnings per Diluted Share of $1.91, Including Approximately $.06 of a Net Benefit for Certain Non-Recurring Items

Quarterly Net Sales Increase of Approximately 2.4%; 2.8% on a Constant Currency Basis

Quarterly Comparable Sales Increase of Approximately 1.7%; 2.1% on a Constant Currency Basis

Full Year Net Earnings per Diluted Share of $5.10, Including Approximately $.06 of a Net Benefit for Certain Non-Recurring Items

UNION, New Jersey, April 6, 2016 --- Bed Bath & Beyond Inc. (NASDAQ:BBBY) today reported financial results for the fourth quarter and full year of fiscal 2015 ended February 27, 2016.

Fourth Quarter Results

For the fourth quarter of fiscal 2015, the Company reported net earnings of $1.91 per diluted share ($303.5 million) compared with $1.80 per diluted share ($321.1 million) for the fourth quarter of fiscal 2014. Net earnings per diluted share for the fourth quarter of fiscal 2015 includes approximately $.06 per diluted share of a net benefit for certain non-recurring items, including a favorable state audit settlement. Net sales for the fourth quarter of fiscal 2015 were approximately $3.4 billion, an increase of approximately 2.4% from net sales of approximately $3.3 billion reported in the fourth quarter of fiscal 2014. Net sales on a constant currency basis (a non-GAAP measure) increased by approximately 2.8% for the fourth quarter of fiscal 2015. Comparable sales in the fourth quarter of fiscal 2015 increased by approximately 1.7%, compared with an increase of approximately 3.7% in last year’s fiscal fourth quarter. Comparable sales on a constant currency basis (a non-GAAP measure) increased by 2.1% for the fourth quarter of fiscal 2015. Comparable sales from customer-facing digital channels grew in excess of 25% while comparable sales from stores were relatively flat during the fourth quarter of fiscal 2015.

Fiscal 2015 Full Year Results

For the fiscal full year, the Company reported net earnings of $5.10 per diluted share ($841.5 million) compared with $5.07 per diluted share ($957.5 million) in the corresponding period a year ago. Net earnings per diluted share for the fiscal full year includes approximately $.06 per diluted share of a net benefit for certain non-recurring items. Net sales for fiscal 2015 were approximately $12.1 billion, an increase of approximately 1.9% from net sales of approximately $11.9 billion in fiscal 2014. Net sales on a constant currency basis increased by approximately 2.3% for fiscal 2015. Comparable sales increased by approximately 1.0% for fiscal 2015, compared with an increase of approximately 2.4% in fiscal 2014. Comparable sales on a constant currency basis increased by approximately 1.4% for fiscal 2015.

“We are pleased to have completed another successful year,” said Steven H. Temares, Chief Executive Officer and Member of the Board of Directors of Bed Bath & Beyond Inc. “Our fiscal 2015 financial performance reflects the benefit of the significant investments in our business, steady progress on our strategic initiatives, and the return of more than $1.1 billion to our shareholders through share repurchase.”

Temares added, “We reported fiscal 2015 net earnings per diluted share of $5.10 including a $.06 net benefit for certain non-recurring items. Excluding this net benefit, we were at $5.04, which marks the fourth year in a row that we have been in this four-and-a-half to just over five dollar range since we entered a heavy investment phase several years ago, and we believe we can again achieve earnings per share at the high end of this range this year and, in the event our comp is higher than the 1% to 2% range we’re modeling, exceed it.”

Capital Allocation

In recognition of the Company’s strong cash flow generation, and confidence in the business, as well as to provide a more balanced approach to returning value to shareholders, the Company’s Board of Directors has authorized today a quarterly dividend program, and declared an initial quarterly dividend of $.125 per share, to be paid on July 19, 2016 to shareholders of record as of June 17, 2016.

During the fourth quarter of fiscal 2015, the Company repurchased approximately $327 million of its common stock, representing...


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