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Bed Bath & Beyond Inc. Reports Operating Results (10-K)
Posted by: gurufocus (IP Logged)
Date: April 24, 2012 05:12PM
Bed Bath & Beyond Inc. (BBBY) filed Annual Report for the period ended 2012-02-25. Bed Bath&beyond has a market cap of $16.54 billion; its shares were traded at around $67.79 with a P/E ratio of 16.8 and P/S ratio of 1.7. Bed Bath&beyond had an annual average earning growth of 14.9% over the past 10 years. GuruFocus rated Bed Bath&beyond the business predictability rank of 3-star.
Highlight of Business Operations:Total net sales of the Company were $9.500 billion, $8.759 billion and $7.829 billion for fiscal 2011, 2010 and 2009, respectively. Net sales outside of the U.S. were not material for fiscal 2011, 2010 and 2009. Refer to Part II, Item 7 and Item 8 of this Form 10-K for additional financial information.
Sales of domestics merchandise accounted for approximately 40%, 41% and 41% of net sales in fiscal 2011, 2010 and 2009, respectively, of which the Company estimates that bed linens accounted for approximately 12%, 12% and 13% of net sales in fiscal 2011, 2010 and 2009, respectively. The remaining net sales in fiscal 2011, 2010 and 2009 of 60%, 59% and 59%, respectively, represented sales of home furnishings. No other individual product category accounted for 10% or more of net sales during fiscal 2011, 2010 or 2009.
Gross profit in fiscal 2011, 2010 and 2009 was $3.931 billion or 41.4% of net sales, $3.623 billion or 41.4% of net sales and $3.208 billion or 41.0% of net sales, respectively. The gross profit margin as a percentage of net sales for fiscal 2011 included a reduction in markdowns, offset by an increase in inventory acquisition costs and a shift in the mix of merchandise sold to lower margin categories. The increase in gross profit between fiscal 2010 and 2009 as a percentage of net sales was primarily due to a decrease in coupon expense as a percentage of net sales, partially offset by a shift in the mix of merchandise sold to lower margin categories.
Inventory per square foot was $56.17 as of February 26, 2011, as compared to $52.15 as of February 27, 2010. This increase of approximately 7.7% was primarily due to increased inventory levels required to support recent increases in comparable store sales and the timing of merchandise receipts.
Taxes: The Company accounts for its income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date.
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