Bed Bath & Beyond Inc. (NASDAQ:BBBY) Q4 2015 Earnings Conference Call Transcript

Apr 06, 2016 • 05:00 pm ET

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Bed Bath & Beyond Inc. (NASDAQ:BBBY) Q4 2015 Earnings Conference Call Transcript

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Presentation
Operator
operator

Welcome to the Bed Bath & Beyond's Fourth Quarter of Fiscal 2015 Results Conference Call. All participants are in a listen-only mode for the duration of the call. This conference is being recorded. A rebroadcast of the conference call will be available beginning on Wednesday, April 6, 2016 at 6.30 PM Eastern Time through 6.30 PM Eastern Time on Friday, April 8, 2016. To access the rebroadcast, you may dial 888-843-7419 with a passcode ID of 41999782.

At this time, it is my pleasure to turn the conference over to Janet Barth, Vice President, Investor Relations. Please go ahead.

Executive
Janet Barth

Thank you, Adrianne, and good afternoon everyone. Joining me on today's call are, Steven Temares, Bed Bath & Beyond's Chief Executive Officer and Sue Lattmann, Chief Financial Officer and Treasurer.

(Forward-Looking Cautionary Statements)

Our earnings press release dated April 6, 2016 can be found in the Investor Relations section of our website at www.bedbathandbeyond.com. Here are some highlights from our financial results.

Fourth quarter net earnings per diluted share were $1.91, an increase of approximately 6.1% over the prior-year period, including approximately $0.06 per diluted share of a net benefit from certain non-recurring items.

Net sales for the quarter were approximately $3.4 billion, an increase of approximately 2.4% or 2.8% on a constant currency basis. Quarterly comparable sales increased approximately 1.7% or 2.1% on a constant currency basis.

Fiscal 2015 net earnings per diluted share were $5.10 including approximately $0.06 per diluted share of a net benefit from certain non-recurring items. Net sales for the full year were approximately $12.1 billion, an increase of approximately 1.9% or 2.3% on a constant currency basis and full-year comparable sales increased approximately 1% or 1.4% on a constant currency basis.

In addition, our Board of Directors today authorized a dividend program and declared an initial quarterly dividend of $0.125 per share to be paid on July 19, 2016 to shareholders of record as of June 17, 2016.

As we know retailing is experiencing dynamic change as technology impacts the way consumers are able to make shopping decisions and purchase services and products. Today's call will include a detailed discussion by Steve regarding the steps we've taken to transform our business to succeed in this evolving retail environment. Then Sue will review our quarterly financial results and provide some modeling assumptions for fiscal 2016 as well as some high-level comments regarding fiscal 2017.

I'll now turn the call over to Steve.

Executive
Steven Temares

Thank you, Janet, and good afternoon everyone. We are pleased to have completed another successful year. 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.

As Janet highlighted, we reported fiscal 2015 net earnings per diluted share of $5.10, including $0.06 net benefit from certain non-recurring items. Excluding this benefit we were at $5.04 which marks the fourth year in a row that we've been in this $4.5 to