Bed Bath & Beyond Inc. (NASDAQ:BBBY) Q3 2017 Earnings Conference Call Transcript

Dec 20, 2017 • 05:00 pm ET

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Bed Bath & Beyond Inc. (NASDAQ:BBBY) Q3 2017 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Welcome to Bed Bath & Beyond's Third Quarter Fiscal 2017 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, December 20, 2017 at 8:00 PM Eastern Time through 8:00 PM Eastern Time on Friday, December 22, 2017. To access the rebroadcast, you may dial 888-843-7419 with passcode ID of 46090929.

At this time, I would like to turn the conference over to Janet Barth, VP, IR. Please go ahead.

Executive
Janet Barth

Thank you, Adrienne, and 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, our CFO and Treasurer.

(Forward-Looking Cautionary Statements)

Our earnings press release dated December 20, 2017 can be found in the Investor Relations section of our website at www.bedbathandbeyond.com. Here is a brief summary. Net earnings per diluted share were $0.44 on net sales of approximately $3 billion. Quarterly comparable sales declined approximately 0.3% and included strong sales growth from our customer facing digital channels and a low single-digit percentage decline in sales from our stores. Sue will review our quarterly results in more detail, but first I will turn the call over to Stephen who will provide an update on the progress we are making on the transformative initiatives discussed during our last several conference calls.

Executive
Steven Temares

Thank you, Janet. We are focused on our long-term strategy and continued to prioritize initiatives and align resources as we execute our plans to transform many aspects of our business in support of our mission to be the trusted expert for the home and heartfelt life events. During our quarterly conference call in September, we discussed our three strategic customer-centric priorities that we believe will further differentiate our business, deliver on our mission and position us for long-term profitable growth.

First, assortment, we want to present a meaningfully differentiated and complete product assortment for the home of the right quality and at the right value. Second, services and solutions. We want to provide services and solutions that enhance the usage and enjoyment of our offerings. And third, experience, we want to deliver a convenient, engaging and inspiring shopping experience that is intelligently personalized over time. Concurrently, we also are driving several internally focused initiatives that are building upon our solid foundation of operational excellence. I would like to spend the next few minutes highlighting some of the progress we have made in these areas. First, let's start with some elements of our assortment strategy. We have developed a multifaceted approach to expedite our growth within the furnishings and decor category and further establish ourselves as the experts for the home and heartfelt life events. As we have said before, this is an important category for us not only for building credibility as the expert for the home, but also for driving incremental top line growth. The