Bed Bath & Beyond, Inc. · NYSE:BBBY
Bed Bath & Beyond — FY2019 Q4 Earnings Presentation
14 slides from Bed Bath & Beyond's earnings presentation, Apr 15, 2020
Slide 1: Fiscal 2019 Fourth Quarter Earnings Call
Exhibit 99.2 Fiscal 2019 Fourth Quarter Earnings Call April 15, 2020 BED BATH & BEYONID>
Slide 2: Forward-looking statements
This presentation contains forward-looking statements, including, but not limited to, the Company’s plans in response to the novel coronavirus (COVID-19). Many of these forward-looking statements can be identified by use of words such as may, will, expect, anticipate, approximate, estimate, assume,
Slide 3: Agenda
Responding to COVID-19 4 Strengthening Our Financial Position 5 Driving Strategic Growth Plan 6 FY 2019 Q4 Financial Results Summary 7 Outlook 8 FY 2019 Q4 P&L Summary 10 Special Items 11 Non-GAAP Reconciliation Tables 12 3
Slide 4: Responding to COVID-19
#1 Priority is the health and safety of our customers and team Quickly Implements Contingency Plan ▪ Essential Response Unit – focused on People, Operations, Customers, Technology and Finances ▪ Adapting and taking decisive actions to keep our people safe, deliver for our customers and strengthen ou
Slide 5: Taking Proactive Steps to Preserve Liquidity and Financial Flexibility
Taking Proactive Steps to Preserve Liquidity and Financial Flexibility While Spring celebrations may look very different this year, the essence of this time of year remains the same: renewal Implements Additional Cost Reductions and joy. In light of what’s happening in our world today, the season of
Slide 6: Driving Strategic Growth Plan
Investing With Confidence Where It Matters Most Recruiting Talent Remains a Priority ▪ Joe Hartsig, Chief Merchandising Officer, President of Harmon joined 3/4/20 Original Copy Revised Copy Refreshed Copy ▪ More announcements to come in the upcoming weeks Generating Funds from Sale of Assets ▪ Sold
Slide 7: FY 2019 Q4 Financial Results Summary
▪ On a GAAP basis, a net loss per diluted share of ($0.53) vs. a net loss per diluted share of ($1.92) in the prior year period • Reported net loss includes an unfavorable impact of $0.91 per diluted share for special items including: ~$41 million in severance costs; non-cash charge of ~$35 million
Slide 8: Outlook
Additional Information: • FY 2020 Capital Expenditures: currently prioritizing ~$250 Due to the level of market uncertainty, Bed Bath & Beyond will not million in essential CAPEX to drive the Company’s strategic provide further financial guidance for FY2020 at this time. plan. ▪ As the Company works
Slide 9: Appendix
Appendix
Slide 10: FY 2019 Q4 P&L Summary
Three Months Ended February 29, 2020 % of Sales March 2, 2019 % of Sales % Change Comp Sales % (5.6) (1.4) Net Sales $3,107 100.0 $3,308 100.0 Gross Profit $1,014 32.6 $1,147 34.7 (2.1) (a) (amounts in millions, except SG&A Expenses $953 (b) 30.7 $934 (c) 28.2 (2.5) (d) (b) (c) comp sales %, % of sa
Slide 11: Special Items
FY 2019 FY 2018 Special Item Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Incremental Charge - $194 ($24) - $170 - - - - - for Markdowns Severance Costs $39 $23 - $41 $103 $9 $5 - - $14 Goodwill and Other $401 $28 $12 $68 $509 - - - $510 $510 Impairments Loss on Sale Leaseback - - - $33 $33 Transaction Sharehold
Slide 12: Reconciliation of Adjusted Gross Profit and Margin
Three Months Ended Twelve Months Ended February 29, March 2 , February 29, March 2 , 2020 2019 2020 2019 Reconciliation of Adjusted Gross Profit Reported gross profit $ 1,013,656 $ 1,146,861 $ 3,541,660 $4,103,980 (in thousands, except per share Adjustments: data) Incremental charge for markdowns -
Slide 13: Reconciliation of Adjusted SG&A Expenses
Three Months Ended Twelve Months Ended February 29, March 2 , February 29, March 2 , 2020 2019 2020 2019 Reconciliation of Adjusted Selling, General and Administrative Expenses Reported selling, general and administrative expenses $ 1,027,041 $ 933,691 $ 3,732,498 $ 3,681,210 Adjustments: Severance
Slide 14: Reconciliation of Adjusted Tax Rate and Net Earnings
Three Months Ended Twelve Months Ended February 29, March 2 , February 29, March 2 , 2020 2019 2020 2019 Reconciliation of Adjusted Effective Income Tax Rate Reported effective income tax rate 32.3% 18.7% Impact on operating loss and benefit for income taxes of goodwill and other impairments, severa