Bed Bath & Beyond, Inc. · NYSE:BBBY
Bed Bath & Beyond — Q1 FY2019 Earnings Presentation
11 slides from Bed Bath & Beyond's earnings presentation, Jul 10, 2019
Slide 1: Fiscal 2019 First Quarter Earnings Call
Exhibit 99.2 Fiscal 2019 First Quarter Earnings Call July 10, 2019 BED BATH & BEYONED>
Slide 2: Forward-looking statements
This presentation contains forward-looking statements, including, but not limited to, anticipated net earnings per diluted share, and operating margin. Many of these forward-looking statements can be identified by use of words such as may, will, expect, anticipate, approximate, estimate, assume, con
Slide 3: To be the trusted expert for the home and heart-felt life events
To be the trusted expert for the home and heart-felt life events. 3
Slide 4: Agenda
Critical Work of the Board of Directors 5 Key Near-Term Priorities 6 Q1 2019 Financial Results Summary 7 FY 2019 Financial Outlook 9 Non-GAAP Reconciliation 11 4
Slide 5: Critical Work of the Board of Directors
• Complete a Deep Review of the Business o Prioritize and drive forward the most meaningful initiatives to improve performance • Formed Business Transformation and Strategy Review Committee o Review and evaluate the ongoing business transformation o Make recommendations on how to accelerate the Comp
Slide 6: Key Near-Term Priorities
1. Stabilizing and driving top-line growth 2. Resetting the cost structure 3. Reviewing and optimizing the Company’s asset base, including our portfolio of retail banners 4. Refining our organization structure 6
Slide 7: Q1 2019 Financial Results Summary
• Net loss per diluted share of ($2.91), including an unfavorable impact of approximately $3.03 per diluted share related to a non-cash impairment of goodwill and other intangible assets, as well as severance and shareholder activity costs incurred during the quarter • Adjusted net earnings per dilu
Slide 8: Q1 2019 Financial Results
Three Months Ended Adjusted (a) Adjusted (b) June 1, 2019 % of Sales June 2, 2018 % of Sales Change Comp Sales % (6.6) (0.6) Net Sales $2,573 100.0 $2,754 100.0 Gross Profit 887 34.5 965 35.0 (0.5) (c) SG&A Expenses 846 32.9 874 31.7 (1.2) (d) Operating Profit 41 1.6 91 3.3 (1.7) Net Earnings 15 0.6
Slide 9: Current 2019 Full Year Guidance
Current 2019 Full Year Guidance* (excludes goodwill and other impairments, severance and shareholder activity costs) Guidance Considerations $11.4 - $11.7 bn • Executing on key near-term priorities Consolidated Net Sales (lower end of range) • The work to be done in our transformation $2.11 - $2.20
Slide 10: Appendix
Appendix 10
Slide 11: Reconciliation of Adjusted Net Earnings
Three Months Ended June 1, 2019 June 2, 2018 Reconciliation of Adjusted Net Earnings Reported net (loss) earnings $ (371,085) $ 43,576 Pre-tax Adjustments: Goodwill and other impairments (a) 401,267 - Severance costs 38,662 9,333 Shareholder activity costs 8,000 - Total pre-tax adjustments 447,929 9