Bed Bath & Beyond Inc. (NASDAQ:BBBY) Q3 2019 Earnings Conference Call - Final Transcript

Jan 08, 2020 • 05:00 pm ET


Bed Bath & Beyond Inc. (NASDAQ:BBBY) Q3 2019 Earnings Conference Call - Final Transcript


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Welcome to Bed Bath & Beyond's Third Quarter Fiscal 2019 Earnings Call. [Operator Instructions] Today's conference call is being recorded. A rebroadcast of the conference call will be available beginning on Wednesday, January 8, 2020 at 8:00 PM Eastern Time through 8:00 PM Eastern Time on Friday, January 10, 2020. To access the rebroadcast, you may dial 1-888-843-7419 with a passcode ID of 49249207.

At this time, I'd like to turn the conference call over to Janet Barth, Vice President, Investor Relations. Please go ahead.

Janet M. Barth

Thank you, Adrian, and good afternoon, everyone. Before we begin, I want to remind you that our fiscal 2019 third quarter earnings release and slide presentation can be found in the Investor Relations section of our website at and as exhibits to the Form 8-K we filed just ahead of this call.

Joining me on our call today are Mark Tritton, Bed Bath & Beyond's President and Chief Executive Officer; and Robyn D'Elia, our Chief Financial Officer and Treasurer.

Let me remind you that this conference call and the slides we refer to may contain forward-looking statements, including statements about or references to our outlook regarding the Company's performance, our internal models and our long-term objectives. All such statements are subject to risks and uncertainties that could cause actual results to differ materially from what we say during the call today. Please refer to our most recent periodic SEC filings for more detail on these risks and uncertainties, including the Risk Factors section in our annual report on Form 10-K. The Company undertakes no obligation to update or revise any forward-looking statements.

Additionally, the information we will discuss today contain certain financial measures that exclude amounts or are subject to adjustments that have the effect of excluding amounts that are included in the most directly comparable measures prepared in accordance with Generally Accepted Accounting Principles. For a reconciliation to the most comparable measures presented in accordance with GAAP, please refer to the table at the end of our earnings release available on our website and included as exhibit to our Form 8-K filed today.

I will now turn the call over to Mark.

Mark J. Tritton

Thank you, Janet, and good afternoon, everyone. I am delighted to be here today during my very first earnings call as Bed Bath & Beyond's President and CEO. For many years, I've watched and admired this company as a competitor, as well as a customer, reflecting on my own family's back to college experiences. I'm excited for the opportunity to reconstruct, renovate and restore this iconic retailer. For almost half a century, Bed Bath & Beyond has helped millions of people make it easy to feel at home, and I firmly believe our company remains uniquely placed to play an essential role in our customers' lives. To do so, we need to make the business we call home as special as our customers make theirs.

Since arriving in New Jersey just 66 days ago, I have been fully immersed in the business