#1Fiscal 2019 First Quarter Earnings Call July 10, 2019 BED BATH & BEYOND Ⓒ O MWOX ANIMAL Exhibit 99.2 HEM#2Forward Looking Statements This presentation contains forward-looking statements, including, but not limited to, anticipated net earnings per diluted share, and operating margin. Many of these forward-looking statements can be identified by use of words such as may, will, expect, anticipate, approximate, estimate, assume, continue, model, project, plan, goal, and similar words and phrases. The Company's actual results and future financial condition may differ materially from those expressed in any such forward-looking statements as a result of many factors. Such factors include, without limitation: general economic conditions including the housing market, a challenging overall macroeconomic environment and related changes in the retailing environment; consumer preferences, spending habits and adoption of new technologies; demographics and other macroeconomic factors that may impact the level of spending for the types of merchandise sold by the Company; civil disturbances and terrorist acts; unusual weather patterns and natural disasters; competition from existing and potential competitors across all channels; pricing pressures; liquidity; the ability to achieve anticipated cost savings, and to not exceed anticipated costs, associated with organizational changes and investments; the ability to attract and retain qualified employees in all areas of the organization, including a permanent Chief Executive Officer; the cost of labor, merchandise and other costs and expenses; potential supply chain disruption due to trade restrictions, political instability, labor disturbances, product recalls, financial or operational instability of suppliers or carriers, and other items; the ability to find suitable locations at acceptable occupancy costs and other terms to support the Company's plans for new stores; the ability to establish and profitably maintain the appropriate mix of digital and physical presence in the markets it serves; the ability to assess and implement technologies in support of the Company's development of its omnichannel capabilities; uncertainty in financial markets; volatility in the price of the Company's common stock and its effect, and the effect of other factors, on the Company's capital allocation strategy; the impact of goodwill and intangible asset impairments; disruptions to the Company's information technology systems including but not limited to security breaches of systems protecting consumer and employee information or other types of cybercrimes or cybersecurity attacks; reputational risk arising from challenges to the Company's or a third party product or service supplier's compliance with various laws, regulations or standards, including those related to labor, health, safety, privacy or the environment; reputational risk arising from third-party merchandise or service vendor performance in direct home delivery or assembly of product for customers; changes to statutory, regulatory and legal requirements, including without limitation proposed changes affecting international trade; changes to, or new, tax laws or interpretation of existing tax laws; new, or developments in existing, litigation, claims or assessments; changes to, or new, accounting standards; foreign currency exchange rate fluctuations; the integration of acquired businesses. The Company does not undertake any obligation to update its forward-looking statements. 2 BED BATH & BEYOND#3Our Mission To be the trusted expert for the home and heart-felt life events. M LN BED BATH & BEYOND#4Table of Contents Critical Work of the Board of Directors Key Near-Term Priorities Q1 2019 Financial Results Summary FY 2019 Financial Outlook Non-GAAP Reconciliation LO 5 6 7 9 11 0 Shopping List Leeks Garlic Stock Parsley Соны Onion#5Critical Work of the Board of Directors LO 5 Complete a Deep Review of the Business Prioritize and drive forward the most meaningful initiatives to improve performance Formed Business Transformation and Strategy Review Committee Review and evaluate the ongoing business transformation Make recommendations on how to accelerate the Company's evolution CEO Search Robust process underway supported by a leading executive search firm Seeking a leader with a multi-faceted skill set 200 BED BATH & BEYOND#6Key Near-Term Priorities 1. Stabilizing and driving top-line growth 2. Resetting the cost structure 3. Reviewing and optimizing the Company's asset base, including our portfolio of retail banners. 4. Refining our organization structure 6 BLUE LIZARD 30 S C w ՏՍՈ DE wat SHAT Shampoo MO 500 CAME SERRA N ww X LORE PARS SULFATE COD CARE EST 1 FRISS Carts & Condition EVER EVER PURE PURE STRAT CONDITIONER TES AUFRATER Intere P SULFATE/FREE COD CARS COSTAM L'OREAL PARID S ** ***** BED BATH & BEYOND Neutroge Ultra She DHY TOUR 45 LIGHTING M Ne#7Q1 2019 Financial Results Summary Net loss per diluted share of ($2.91), including an unfavorable impact of approximately $3.03 per diluted share related to a non-cash impairment of goodwill and other intangible assets, as well as severance and shareholder activity costs incurred during the quarter 7 Adjusted net earnings per diluted share of $0.12, excluding the goodwill and other impairments, severance and shareholder activity costs, at the high-end of our guidance range of between $0.07 and $0.12 Net sales declined ~6.6%, slightly below our guidance of $2.6 billion Comp sales declined ~6.6%, including a high-single digit % decline in store comps, partially offset by slight growth in our customer-facing digital channels Retail inventories at the end of Q1 2019 were reduced by ~$124 million (~5%) vs Q1 2018 Cash and investments balance increased ~9% vs Q1 2018 to $923 million. BED BATH & BEYOND#8Q1 2019 P&L Summary (amounts in millions, except comp%, % of sales, and per share data) Comp Sales % Net Sales Gross Profit SG&A Expenses Operating Profit Net Earnings EPS - Diluted WAS - Diluted 8 a) b) c) d) June 1, 2019 $2,573 887 846 41 15 $0.12 128 Adjusted (a) Excludes goodwill and other impairments (non-cash), severance and shareholder activity costs. Excludes severance costs. % of Sales (6.6) 100.0 34.5 32.9 1.6 0.6 Three Months Ended June 2, 2018 $2,754 965 874 91 51 $0.38 137 Adjusted (b) % of Sales As a percentage of net sales, primarily due to a decrease in merchandise margin, partially offset by decreases in coupon expense and net direct-to-customer shipping expense. As a percentage of net sales, primarily due to increases in technology-related expenses, including depreciation and occupancy expenses. (0.6) 100.0 35.0 31.7 3.3 1.9 Change (0.5) (c) (1.2) (d) (1.7) (1.3) BED BATH & BEYOND#9FY 2019 Financial Outlook 6) Current 2019 Full Year Guidance* (excludes goodwill and other impairments, severance and shareholder activity costs) Consolidated Net Sales Diluted EPS Capital Expenditures $11.4 $11.7 bn (lower end of range) $2.11 - $2.20 (lower end of range) $350 $375 mm* * The Company will continue to evaluate its capital projects for the year. Guidance Considerations Executing on key near-term priorities The work to be done in our transformation Continuing challenges in the broader retail environment#10Appendix 10#11Non-GAAP Reconciliation (in thousands, except per share data) (unaudited) Reconciliation of Adjusted Net Earnings Reported net (loss) earnings Pre-tax Adjustments: Goodwill and other impairments (a) Severance costs Shareholder activity costs Total pre-tax adjustments Tax impact of adjustments Total adjustments, after tax Adjusted net income Reconciliation of Adjusted Net Earnings per Diluted Share Reported net (loss) earnings per diluted share Goodwill and other impairments, severance and shareholder activity costs Adjusted earnings per diluted share a) 71 $ $ June 1, 2019 Three Months Ended (371,085) 401,267 38,662 8,000 447,929 (61,387) 386,542 15,457 (2.91) Goodwill and other impairments include: (1) goodwill and tradename impairments related to the North American Retail reporting unit; and (2) tradename impairments related to the Institutional Sales reporting unit. 3.03 0.12 $ un in $ $ June 2, 2018 43,576 9,333 9,333 (1,618) 7,715 51,291 0.32 0.06 0.38 BED BATH & BEYOND