Bed Bath & Beyond Earned $1.12 in Q4
Wow! Bed Bath & Beyond ($BBBY) had an outstanding earnings report for the fourth quarter. The company earned $1.12 per share which was much higher than their earlier guidance of 91 cents to 95 cents per share. It was also much higher than I had been expecting. Sales rose 11.6% to $2.505 billion.
For the fiscal year ended February 26, 2011, the Company reported net earnings of $3.07 per diluted share ($791.3 million), an increase of approximately 33% over net earnings of $2.30 per diluted share ($600.0 million) a year ago. Net sales for fiscal 2010 were approximately $8.759 billion, an increase of approximately 11.9% from net sales of approximately $7.829 billion in the prior fiscal year. Comparable store sales for fiscal 2010 increased by approximately 7.8%, compared with an increase of approximately 4.4% last year.
For fiscal 2011, the Company is modeling net earnings per diluted share to be approximately $.58 to $.61 for the fiscal first quarter and to increase by approximately 10% to 15% for the full year.
Bed Bath & Beyond earned 52 cents per share in last year’s Q1, so today’s forecast translates to a growth rate of 11.5% to 17.3%.
If earnings grow this year at a 10% to 15% rate, that comes out to a full-year forecast of $3.38 to $3.53 per share. Wall Street had been expecting $3.33 per share.
Year-over-year operating margins and net margins have increased for eight straight quarters. Here’s BBBY’s trailing four-quarter EPS, with the company’s forecast in red.
Here’s a look at BBBY’s quarterly numbers for the past few years:
Quarter | Sales | Gross Profit | Operating Profit | Net Profit | EPS |
May-99 | $356,633 | $146,214 | $28,015 | $17,883 | $0.06 |
Aug-99 | $451,715 | $185,570 | $53,580 | $33,247 | $0.12 |
Nov-00 | $480,145 | $196,784 | $50,607 | $31,707 | $0.11 |
Feb-00 | $569,012 | $238,233 | $77,138 | $48,392 | $0.17 |
May-00 | $459,163 | $187,293 | $36,339 | $23,364 | $0.08 |
Aug-00 | $589,381 | $241,284 | $70,009 | $43,578 | $0.15 |
Nov-01 | $602,004 | $246,080 | $64,592 | $40,665 | $0.14 |
Feb-01 | $746,107 | $311,802 | $101,898 | $64,315 | $0.22 |
May-01 | $575,833 | $234,959 | $45,602 | $30,007 | $0.10 |
Aug-01 | $713,636 | $291,342 | $84,672 | $53,954 | $0.18 |
Nov-02 | $759,438 | $311,030 | $83,749 | $52,964 | $0.18 |
Feb-02 | $879,055 | $370,235 | $132,077 | $82,674 | $0.28 |
May-02 | $776,798 | $318,362 | $72,701 | $46,299 | $0.15 |
Aug-02 | $903,044 | $370,335 | $119,687 | $75,459 | $0.25 |
Nov-03 | $936,030 | $386,224 | $119,228 | $75,112 | $0.25 |
Feb-03 | $1,049,292 | $443,626 | $168,441 | $105,309 | $0.35 |
May-03 | $893,868 | $367,180 | $90,450 | $57,508 | $0.19 |
Aug-03 | $1,111,445 | $459,145 | $155,867 | $97,208 | $0.32 |
Nov-04 | $1,174,740 | $486,987 | $161,459 | $100,506 | $0.33 |
Feb-04 | $1,297,928 | $563,352 | $231,567 | $144,248 | $0.47 |
May-04 | $1,100,917 | $456,774 | $128,707 | $82,049 | $0.27 |
Aug-04 | $1,273,960 | $530,829 | $189,108 | $120,008 | $0.39 |
Nov-05 | $1,305,155 | $548,152 | $190,978 | $121,927 | $0.40 |
Feb-05 | $1,467,646 | $650,546 | $283,621 | $180,980 | $0.59 |
May-05 | $1,244,421 | $520,781 | $150,884 | $98,903 | $0.33 |
Aug-05 | $1,431,182 | $601,784 | $217,877 | $141,402 | $0.47 |
Nov-06 | $1,448,680 | $615,363 | $205,493 | $134,620 | $0.45 |
Feb-06 | $1,685,279 | $747,820 | $304,917 | $197,922 | $0.67 |
May-06 | $1,395,963 | $590,098 | $148,750 | $100,431 | $0.35 |
Aug-06 | $1,607,239 | $678,249 | $219,622 | $145,535 | $0.51 |
Nov-07 | $1,619,240 | $704,073 | $211,134 | $142,436 | $0.50 |
Feb-07 | $1,994,987 | $862,982 | $309,895 | $205,842 | $0.72 |
May-07 | $1,553,293 | $646,109 | $154,391 | $104,647 | $0.38 |
Aug-07 | $1,767,716 | $732,158 | $211,037 | $147,008 | $0.55 |
Nov-08 | $1,794,747 | $747,866 | $203,152 | $138,232 | $0.52 |
Feb-08 | $1,933,186 | $799,098 | $259,442 | $172,921 | $0.66 |
May-08 | $1,648,491 | $656,000 | $118,819 | $76,777 | $0.30 |
Aug-08 | $1,853,892 | $739,321 | $187,421 | $119,268 | $0.46 |
Nov-08 | $1,782,683 | $692,857 | $136,374 | $87,700 | $0.34 |
Feb-09 | $1,923,274 | $785,058 | $231,282 | $141,378 | $0.55 |
May-09 | $1,694,340 | $666,818 | $142,304 | $87,172 | $0.34 |
Aug-09 | $1,914,909 | $773,393 | $222,031 | $135,531 | $0.52 |
Nov-09 | $1,975,465 | $812,412 | $245,611 | $151,288 | $0.58 |
Feb-10 | $2,244,079 | $955,496 | $370,741 | $226,042 | $0.86 |
May-10 | $1,923,051 | $775,036 | $225,394 | $137,553 | $0.52 |
Aug-10 | $2,136,730 | $874,918 | $296,902 | $181,755 | $0.70 |
Nov-10 | $2,193,755 | $896,508 | $305,110 | $188,574 | $0.74 |
Feb-10 | $2,504,967 | $1,076,467 | $461,052 | $283,451 | $1.12 |
Posted by Eddy Elfenbein on April 6th, 2011 at 4:25 pm
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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