Bed Bath & Beyond Inc. (NASDAQ:BBBY) Q1 2016 Earnings Conference Call - Final Transcript
Jun 22, 2016 • 05:00 pm ET
Welcome to Bed Bath & Beyond's First Quarter Fiscal 2016 Earnings Call. All participants will be in a listen-only mode until the Q&A portion of the call. Today's conference call is being recorded. A rebroadcast of the conference call will be available beginning on Wednesday, June 22, at 7:30 PM Eastern time through 7:30 PM Eastern time on Friday, June 24, 2016. (Operator Instructions)
At this time, I would like to turn the call over to Janet Barth, Vice President of Investor Relations. Please go ahead.
Thank you, Adrienne. Good afternoon, everyone. Joining me on our call today are Steven Temares, Bed Bath & Beyond's CEO and member of the Board of Directors, Gene Castagna, COO, and Sue Lattmann, CFO and Treasurer.
(Forward-Looking Cautionary Statements)
Our earnings press release dated June 22, 2016 can be found in the Investor Relations section of our website at www.bedbathandbeyond.com.
Here are some highlights from our financial results. First-quarter net earnings per diluted share were $0.80. Net sales for the quarter were approximately $2.7 billion, flat to the prior-year quarter. Quarterly comparable sales decreased approximately 50 basis points.
In addition, our Board of Directors today declared a quarterly dividend of $0.125 per share to be paid on October 18, 2016 to shareholders of record as of September 16, 2016. As a reminder, our first-ever dividend was declared on April 6 and will be payable on July 19 to shareholders of record as of June 17. Fiscal 2016 net earnings per diluted share are expected to be within the range we previously described in our year end press release and conference call.
I will now turn the call over to Steve for his perspective on the first quarter and some operational highlights related to our strategic initiatives. In addition, he will share his thoughts regarding our recent purchase of One Kings Lane, an authority in home decor and design that offers a unique collection of select home goods, designer and vintage items. This transaction was announced on June 14.
Later in the call Sue will discuss our first quarter financial results in more detail and provide an update on our key modeling assumptions for fiscal 2016. After our prepared remarks we will allow approximately 20 to 25 minutes for questions.
I will now turn the call over to Steve.
Thank you, Janet. Good afternoon, everyone. Our first quarter results were in line with the directional information we provided back in April on our year-end earnings call. During the first quarter we made steady progress on our strategic initiatives, which include significant investments in our business to further strengthen our foundation for future growth.
At the same time we remain vigilant in our mission to do more for and with our customers wherever and whenever and however they wish to interact with us; to provide our customers a seamless experience whether they interact with us in a store, through one of our contact centers, on a desktop, tablet, smartphone or through social media; and to be viewed