#1BED BATH & BEYOND oguchi April 14, 2021 Fiscal 2020 Q4 Results December- January-February (November 29th - February 27th) BED BATH & BEYOND#2forward looking statements This presentation contains forward-looking statements within the meaning of Section 21 E of the Securities Exchange Act of 1934 including, but not limited to, the Company's progress and anticipated progress towards its long-term objectives, as well as more generally the status of its future liquidity and financial condition and its outlook for the Company's fiscal 2021 first quarter and for its 2021 fiscal year. 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, preliminary, and similar words and phrases, although the absence of those words does not necessarily mean that statements are not forward-looking. 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; risks associated with the COVID-19 pandemic and the governmental responses to it, including its impacts across the Company's businesses on demand and operations, as well as on the operations of the Company's suppliers and other business partners, and the effectiveness of the Company's actions taken in response to these risks; 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, including the Company's strategic restructuring program and store network optimization strategies; the ability to attract and retain qualified employees in all areas of the organization; the cost of labor, merchandise and other costs and expenses; potential supply chain disruption due to trade restrictions, and other factors such as natural disasters, pandemics, including the COVID-19 pandemic, 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; the ability to effectively and timely adjust the Company's plans in the face of the rapidly changing retail and economic environment, including in response to the COVID-19 pandemic; uncertainty in financial markets; volatility in the price of the Company's common stock and its effect, and the effect of other factors, including the COVID-19 pandemic, on the Company's capital allocation strategy; risks associated with the ability to achieve a successful outcome for the Company's business concepts and to otherwise achieve its business strategies; the impact of intangible asset and other 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; and foreign currency exchange rate fluctuations. Except as required by law, the Company does not undertake any obligation to update its forward-looking statements. BED BATH & BEYOND 2#3BED BATH & BEYOND presentation 1) 2) 3) Commercial Update 4) Operations Update 5) Appendix FY2020 Recap, Q4 Highlights & FY2021 Outlook Q4 Business & Financial Results 3#4FY2020 recap Q4 highlights & FY2021 outlook BED BATH & BEYOND J DESTINY#5FISCAL 2020 HIGHLIGHTS fiscal 2020: a year of fast-paced transformation enhances strategic position for sustained success Unlocked our Digital-First, Omni-Always Potential ▪>$3bn of digital sales ▪ 10.6mn new digital customers; +95% vs FY19 ▪ >1bn visits; 30% increase in conversion vs FY19 ▪ >3.3mn app downloads ▪ 4.5mn customers placed a BOPIS order; BOPIS represented 14% of digital sales ▪ 34% of customers placed 2+ digital orders Established a World Class Team ▪ Strengthened executive team with new leaders in Merchandising, Marketing, Digital, Stores, Operations, Finance, Legal and Human Resources ▪ New industry-leading partners: Google Cloud, Deloitte, Oracle, Shipt and Instacart BED BATH & BEYOND Strengthened our Financial Performance ▪ 3 consecutive quarters of comp sales growth ▪ Pivoted to sustained gross margin expansion ▪ >$600mn in proceeds generated from portfolio rationalization; sold 5 non-core banners ▪ -$1bn gross debt reduction ▪ $422mn, or 20% inventory reduction ▪ $2.1bn total liquidity position ▪ $375mn of capital returned to shareholders through accelerated share repurchases Cared for our Associates, Customers & Communities ▪ Launched Comprehensive Store Safety Plan to protect our 38,000 associates and 37mn customers ▪ Delivered $10mn Bringing Home Everywhere donation program to support communities in need 5#6FISCAL 2020 Q4 HIGHLIGHTS Q4: third consecutive quarter of comparable sales & profit growth; strong operating and financial performance Consistently Executing on Transformation Strategy 3rd Consecutive Quarter of Comp Sales Growth +4% Total Enterprise • +6% Bed Bath & Beyond (BBB) banner¹ Digital comp sales drive quarterly performance • +86% Total Enterprise; +99% BBB banner¹ • 3.1mn new digital customers; +96% vs FY 19 Q4 2mn customers placed a BOPIS order; BOPIS represented 17% of digital sales ● 32.8% Adjusted Gross Margin, +20bps vs FY 19 Q4, offsetting impact of industrywide freight challenges and digital growth 6.4% Adjusted EBITDA Margin, +160bps vs FY19 Q4, reflecting a healthier and more profitable core business $76mn in Operating Cash Flow from working capital improvements. Free Cash Flow of $62mn Strong cash and liquidity balances $1.4bn Cash & Investments $2.1bn Total Liquidity³ ● Strengthening Financial Resilience ● $422mn reduction in Inventory, 20% lower vs FY19 Q4, driven, in part, by banner divestitures and store fleet optimization -$1bn reduction in Gross Debt4, including reduction in operating and finance lease liabilities and reduction in debt mostly from bond tender offers Note: Adj. EBITDA, and adj. gross margin are non-GAAP financial measures. For a reconciliation to comparable GAAP measures, see Appendix of this presentation. (1) Bed Bath & Beyond is among the Company's four core banners. BED BATH & BEYOND (2) Free Cash Flow is a non-GAAP financial measure. Free Cash Flow of $62mn includes cash flow provided from operations of $76mn less cash flow used in investing of $14mn, inclusive of $66mn of CAPEX. ¤¯¤ Unlocking Shareholder Value 5th non-core banner divestiture completed (Cost Plus World Market) $375mn in capital return to shareholders • 2 accelerated share repurchase programs (ASR-1 $225mn complete, ASR-2 $150mn to be completed week of 4/19/21) ● -16mn total shares repurchased at an estimated average price of $23 per share, representing -13% of shares outstanding (3) Total Liquidity includes cash & investments and the Company's asset-based revolving credit facility. (4) Gross Debt includes bonds, borrowings under the Company's asset-based revolving credit facility, and operating and finance lease liabilities 6#7FISCAL 2021 OUTLOOK fiscal 2021: robust foundation to successfully execute 3-year growth plan; reaffirming sales & adjusted ebitda outlook; increasing shareholder returns Reaffirming Full-Year Outlook P&L CAPITAL ALLOCATION Sales Comp Sales Adj. Gross Margin Adj. SG&A (% of sales) Adj. EBITDA CAPEX Gross Debt- to-EBITDA Ratio Share Repurchase FISCAL 2021 $8.0bn-$8.2bn "Recapture and Sustain" approx. 35% approx. 31% $500mn-$525mn approx. $400mn Faster improvement to <3.0x $325mn from $300mn REAFFIRM improved improved ¤¤ Unlocking Shareholder Value 3 YR Share Repurchase Authorization Increased to $1bn Providing Q1 Visibility FY21 Q1 sales will be non-comparable due to COVID-related store closures in FY 20 Q1. Excluding impact from divested businesses in both periods, sales of Core Go-Forward banners¹ expected to be much higher by approximately +65 - 70% vs FY 20 Q1. Reported Net Sales expected to increase by over 40% vs FY20 Q1 when vast majority of stores were closed due to COVID-19, in spite of non-core banner divestitures. Expect adj. Gross Margin to be in the 34% range. ➤ Expect adj. EBITDA to be between $80 - $90mn. Note: Adj. EBITDA, and adj. gross margin are non-GAAP financial measures. For a reconciliation to comparable GAAP measures, see Appendix of this presentation. BED BATH & BEYOND (1) Core Go-Forward banners include Bed Bath & Beyond, buybuy BABY, Harmon Face Values and Decorist. See Appendix of this presentation for more details on Core Go-Forward banner sales by quarter. 7#8FISCAL 2021 OUTLOOK building a modern, durable business model BED BATH & BEYOND PURPOSE make it easy to feel at home PRINCIPLES customer inspired omni-always people powered performance driven PILLARS & PROFICIENCIES product price promise place ELL PERFORMANCE MISSION re-establish our authority and be the preferred omni-channel home destination driven by teams consistently delivering balanced durable growth sales proficiencies margin cash flow people 8 TSR ● Fiscal 2021 Key Strategic Initiatives Launch at least 8 Owned Brands Introduce new digital services Upgrade and remodel Bed Bath & Beyond banner stores Modernize technology platforms and reinvent supply chain operations Further strengthen buybuy BABY and Harmon Face Values banners 8#9Q4 business & financial results BED BATH & BEYOND 9#10Q4 BUSINESS & FINANCIAL RESULTS executing on strategy, delivering consistent sales and EBITDA growth Third Consecutive Quarter of Comp Sales Growth Total Enterprise Digital Comp Total Enterprise Comp +4% vs LY BBB Banner Comp +6% vs LY Consistent Gross Margin & EBITDA Margin Growth Adj. Gross Margin Adj. EBITDA Margin 32.6% FY 19 Q4 +20bps vs LY 32.8% FY20 Q4 4.8% +86% vs LY +160bps vs LY FY19 Q4 Note: Adj. EBITDA, and adj. gross margin are non-GAAP financial measures. For a reconciliation to comparable GAAP measures, see Appendix of this presentation. BED BATH & BEYOND 6.4% FY20 Q4 BBB Banner Digital Comp +99% vs LY 10#11Q4 BUSINESS & FINANCIAL RESULTS strong cash flow generation, balance sheet improvement and capital return to shareholders (1) BED BATH & BEYOND (2) (3) Positive Cash Flow Generation Inventory Reduction of 20% vs LY Free Cash Flow¹ of $62mn Balance Sheet Strengthened / Return of Capital to Shareholders Cash & Investments of $1.4bn Strong Liquidity² of $2.1bn FY 2020 $375mn in share repurchase -16mn shares -13% of S/O $23 avg. price/share³ ■ ■ ■ Free Cash Flow is a non-GAAP financial measure. Free Cash Flow of $62mn includes cash flow provided from operations of $76mn less cash flow used in investing of $14mn, inclusive of $66mn of CAPEX. Total Liquidity includes cash & investments and availability from asset-backed lending credit facility. Estimated. 11#12Q4 BUSINESS & FINANCIAL RESULTS transformation and execution unlocking strong shareholder value Consistent Comparable Sales Growth ✓ 4% total enterprise Comp Sales growth; 6% Bed Bath & Beyond banner¹ growth; 3rd consecutive quarter of Comp Sales growth ✓86% total enterprise Digital Comp Sales growth; 99% digital growth in Bed Bath & Beyond banner¹; digital drives quarterly performance ✓ 41% of total Digital Sales fulfilled by stores, including 17% from BOPIS; new omni-always capabilities gaining traction Adj. Gross Margin & Adj. EBITDA BED BATH & BEYOND ✓20 bps increase in Adj. Gross Margin vs LY, led by optimized markdowns/product promo and product mix, partially offset by channel mix and substantial industry- wide freight rate increases $190mn, 20% reduction in SG&A expenses from cost savings efforts 13% increase in Adj. EBITDA Margin vs LY to $168mn, led by SG&A cost leverage/ expense reductions Positive Cash Flow Generation ✔$62mn in free cash flow², primarily from earnings and working capital improvements ✓ $422mn (20%) lower Inventory vs Q4 LY, driven in part by banner divestitures and store fleet optimization Stronger Capital Structure ✓$0.2bn strong Net Cash surplus position: $1.4bn in Cash and Equivalents less $1.2bn in bonds ✓$2.1bn in Total Liquidity³ Note: Adj. EBITDA, and adj. gross margin are non-GAAP financial measures. For a reconciliation to comparable GAAP measures, see Appendix of this presentation. (1) Bed Bath & Beyond is among the Company's four core banners. (2) Free Cash Flow of $62mn includes cash flow provided from operations of $76mn less cash flow used in investing of $14mn, inclusive of $66mn of CAPEX. Fast-paced Transformation ✓5th non-core banner divestiture complete (Cost Plus World Market 4); proceeds from all FY20 divestitures >$600mn ✓144 Bed Bath & Beyond banner store closures in FY20 as part of store network optimization plans to close ~200 stores by the end of FY21; will result in significant reshape of sales base and store footprint (3) Total Liquidity includes cash & investments and the Company's asset-based revolving credit facility. (4) Announced completion of CPWM sale on 1/19/21. 12#13Q4 key performance metrics Comparable Sales increase 4% in total enterprise; +6% in Bed Bath & Beyond (BBB) banner¹ ● ● Q4 BUSINESS & FINANCIAL RESULTS ● Digital drives Q4 performance, with strong total enterprise growth +86%; +99% in BBB Net sales change of -16% as expected, due to significant portfolio transformation, including: Non-core banner divestiture unfavorable impact of approx. -12% Excluding divestiture impacts, Net Sales of Core banners declined -3%, primarily due to -8% unfavorable impact from store closure activity related to the Company's network optimization program Adj. Gross Margin of 32.8%, driven primarily by: Optimization of promotion & markdowns Favorable product mix Leverage of distribution and fulfillment costs Partially offset by higher digital channel mix, including substantial industry-wide freight rate increases SG&A expenses decreased $190mn, driven primarily by reductions from the non-core banner divestitures, lower occupancy expense on a smaller base of stores and lower marketing expense. Adj. EBITDA increased 13%, to $168mn, primarily due to SG&A cost leverage/expense reductions Net Sales BED BATH & BEYOND Total Enterprise Comp Sales Bed Bath & Beyond Banner Comp Sales¹ Adj. Gross Margin Adj. SG&A Adj. Net Income Adj. EBITDA Adj. EBITDA Margin Adj. EPS - Diluted Note: Adj. EBITDA, and adj. gross margin are non-GAAP financial measures. For a reconciliation to comparable GAAP measures, see Appendix of this presentation. (1) Bed Bath & Beyond is among the Company's four core banners which also include buybuy BABY, Harmon Face Values and Decorist. FY2019 Q4 $3,107mn 32.6% $953mn $47mn $148mn 4.8% $0.38 FY2020 Q4 $2,619mn 32.8% $763mn $47mn $168mn 6.4% $0.40 Diff (16%) +4% +6% +20bps ($190mn) $0 +13% +160bps +0.02 13#14Q4 comp sales growth trends 3rd consecutive quarter of comparable sales growth led by strong digital comp sales in both Total Enterprise and Bed Bath & Beyond (BBB) banner¹ offsetting sales decline in stores ● Q4 BUSINESS & FINANCIAL RESULTS ● BBB comp sales were positive each month of the quarter, with high-single-digit growth in January and February combined, despite industrywide impacts from severe weather during February Sales strength continued in Q4, in spite of COVID-related headwinds reflected broadly across retail landscape in lower store foot traffic trends and shipping capacity constraints Positive sales momentum has continued into early FY21 Q1 BED BATH & BEYOND Total Enterprise Comps Bed Bath & Beyond Banner Digital Comps Bed Bath & Beyond Digital Comps 22% in FY19 Q4 Positive comparable sales Q4 4% 6% 86% 99% (1) Bed Bath & Beyond is among the Company's four core banners which also include buybuy BABY, Harmon Face Values and Decorist. Percentage of digital sales increased in FY 20 Q4 40% 60% 78% in FY 19 Q4 Digital Penetration Stores Penetration 14#15Q4 BUSINESS & FINANCIAL RESULTS as expected, net sales impacted by divestitures and planned store closures ● Total Enterprise Comparable sales growth +4% As expected, Total Enterprise Net Sales declined -16% reflecting: Approx. -12% unfavorable impact from non-core banner divestitures Excluding impact from divestitures, Core banner¹ Net Sales declined approx. -3%, Approx. -8% unfavorable impact on Core banner Net Sales from planned store closure activity ■ ■ FY 20 Q4-net sales to comparable sales bridge -16% FY20 Q4 Reported Net Sales -12% Non-Core Banner Divestiture Impact Note: numbers may not add due to rounding BED BATH & BEYOND (1) -3% Excluding Impact From Divestitures Core banners include Bed Bath & Beyond, buybuy BABY, Harmon Face Values and Decorist. Core Banner¹ Net Sales -8% Impact From Store Closures +4% FY20 Q4 Comp Sales 15#16Q4 BUSINESS & FINANCIAL RESULTS gross margin expansion driven by key ongoing interventions Adj. Gross Margin of 32.8% vs 32.6% LY, driven primarily by: - - Optimization of promotion & markdowns Favorable product mix Leverage of distribution and fulfillment costs Partially offset by higher digital channel mix, including substantial industry-wide freight rate increases FY19 Q4 vs FY20 Q4-gross margin bridge 32.6% FY19 Q4 Adj. Gross Margin 90bps 60bps Promotion & Product Markdown Mix Mgt Note: Adj. EBITDA, and adj. gross margin are non-GAAP financial measures. For a reconciliation to comparable GAAP measures, see Appendix of this presentation. BED BATH & BEYOND 190bps +20bps (170bps) Leverage of Distribution/ Channel Fulfillment Mix Costs (150bps) DTC Shipping Expense 32.8% FY20 Q4 Adj. Gross Margin 16#17Q4 BUSINESS & FINANCIAL RESULTS positive free cash flow and strong cash position Solid Free Cash Flow in Q4: $76mn of Cash Flow provided by Operations from working capital improvement $14mn of Cash Flow used in Investing¹, driven by proceeds from the sale of Cost Plus World Market (non-core asset); inclusive of $66mn of CAPEX $62mn of positive Free Cash Flow² Maintained strong cash position $1.4bn cash & cash equivalents balance, including $150mn initiation of ASR-2 in January 2021 FY20 Q4-positive cash flow generation ($mns) Cash Flow from Operating Activities Cash Flow from Investing Activities Free Cash Flow Generation Cash Flow from Financing Activities (1) BED BATH & BEYOND (2) FY2020 Q4 $76 ($14) $62 ($150) FY20 Q3 vs FY20 Q4 - total cash balance $1.5bn Post FY20 Q3 Total Cash & Investments $76mn Cash Flow from Operations Cash and cash equivalents ($14mn) $62mn Positive Free Cash Flow Cash Flow used in Investing ¹ 1 ASR-2 ($150mn) Cash Flow from Financing ² 2 Cash Flow from Investing includes $52mn related to sale of Cost Plus World Market (non-core asset); inclusive of $66mn of CAPEX. Free Cash Flow is a non-GAAP financial measure. Free Cash Flow of $62mn includes cash flow provided from operations of $76mn less cash flow used in investing of $14mn, inclusive of $66mn of CAPEX. $1.4bn Post FY20 Q4 Total Cash & Investments 17#18● ● ● Q4 BUSINESS & FINANCIAL RESULTS maintained positive net cash position and strong liquidity Positive net cash position of $0.2bn, with $1.4bn cash & cash equivalents balance, less $1.2bn in bond debt Strong total liquidity2 position of $2.1bn Prior actions to reduce gross debt¹ balance: Reduction in operating and finance lease liabilities (~$0.5bn) in Q3 from non-core banner divestitures and store closures Reduction in debt (~$0.5bn) in Q2 from bond tender offers, revolver/ABL borrowings (1) BED BATH & BEYOND (2) FY20 Q4-positive net cash position $1.4bn FY20 Q4 Cash Balance Senior Notes $1.2bn FY20 Q4 Gross Debt Balance ex Op Leases¹ $0.2bn Gross Debt includes bonds, borrowings under the Company's asset-based revolving credit facility and operating and finance lease liabilities Total Liquidity includes cash & investments and the Company's asset-based revolving credit facility. FY20 Q4 Net Cash Balance Cash & Investments ABL $2.1bn $0.7bn $1.4bn FY20 Q4 Total Liquidity² 18#19Q4 BUSINESS & FINANCIAL RESULTS unlocking shareholder value through data-driven and balanced capital allocation Capital Allocation Principles ✓ Investing for growth and transformation ✓ Ensuring financial resilience ✓ Returning cash to shareholders BED BATH & BEYOND FY 2020 Share Repurchase Activity ➤ $375mn in Accelerated Share Repurchase Programs ~16mn shares repurchased, representing 13% of shares outstanding and estimated average price of $23/share Future Share Repurchase Activity Increasing 3-year authorization to $1bn from $825mn ➤ Increasing share repurchases planned for FY 2021 to $325mn from $300mn 19#20commercial update BED BATH & BEYOND 20#21investments in digital fuel strong performance Fourth Quarter Digital Highlights +86% Total Enterprise digital comp sales growth in FY20 Q4; 4th consecutive quarter of >75% growth COMMERICAL UPDATE ● ● 3.1mn new digital customers, +96% FY19 Q4 310mn visits to our digital channels (up >50%), including 162mn unique visitors; +30% increase in conversion rate FY19 Q4 22% of customers placed 1+ online order vs ~17% in FY19 Q4 >21mn launches of Bed Bath & Beyond mobile app; revenue from mobile more than doubled versus FY19 Q4 2mn customers placed a BOPIS order; BOPIS represented 17% of digital sales; >80% of BOPIS orders were ready within 2 hours; high NPS score of 81 Full-Year Digital Highlights Digital sales surpass $3B 10.6mn new digital customers, +95% >1bn visits to our digital channels >3mn downloads of our mobile apps 34% of customers placed 2+ online orders; conversion rate +30% 4.5mn customers placed a BOPIS order; BOPIS represented 14% of digital sales >220,000 Same Day Delivery orders (service was launched in Q3); 78% of orders from Bed Bath & Beyond.com BED BATH & BEYOND 21#22COMMERICAL UPDATE investments in store enhance customer experience - refreshes ● ■ bed ■ Simply Essential. Cotton Blend Bed Pillow BED BATH & BEYOND wake up happy Store refreshes across the Bed Bath & Beyond chain create a welcoming and inspirational environment and include: WILAY Sel Simply Essential. Cotton Blend Bad Pillow Resetting merchandise assortment by room, instead of category, to make it easier to shop and find products More open aisle space and better site lines New store signage to clearly communicate value and price; under $50 22#23COMMERCIAL UPDATE Bed Bath & Beyond banner¹ delivers solid comp sales growth ● Solid comp sales growth of +6%, led by strong digital growth +99% and higher sales in Top 5 destination categories +12% comp sales growth in Top 5 destination categories (combined), representing -2/3 of Bed Bath & Beyond banner sales Top 5 Destination Categories Home Organization Kitchen Food Prep Indoor Décor Bedding Bath* Total Comp Sales Growth (combined) Total Bed Bath & Beyond Banner Comp Sales Growth % of Net Sales 17% 16% 16% 11% -1% 12% 6% 6% 23% 9% 17% 7% 63% 100% *Bath category impacted in FY20 Q4 by a planned assortment transition in preparation for the launch of Owned Brands, which resulted in higher category markdowns and temporary out-of-stocks. (1) Bed Bath & Beyond is among the Company's four core banners which also include buybuy BABY, Harmon Face Values and Decorist. BED BATH & BEYOND 23#24COMMERICAL UPDATE owned brands: biggest assortment change in a generation ● Plans to introduce at least 8 new Owned Brands in FY21, with 6 launches in first six months, including 3 in FY21 Q1 Assortment will include 1000's of new products across key destination categories including bed, bath, kitchen & dining, storage & organization, and home décor - available only at Bed Bath & Beyond Owned Brands are expected to drive growth and build authority while creating differentiation and preference with customers and in the marketplace Sales penetration expected to grow from ~10% to -30% our Bed Bath & Beyond assortment within the first 3 years, and gross margin improvement to be driven by strategically designing to cost, sourcing at scale and providing great everyday value A robust omnichannel marketing and customer engagement plan that has already reached millions of customers online and in store, including social media, print, email, registry and text notifications BED BATH & BEYOND Launched March 22, 2021 nestwell everyday comfort Launching week of April 19, 2021 haven Escape the noise Launching in May 2021 Simply Essential. TM 24#25COMMERICAL UPDATE everyday bedding and bath essentials, from the experts in cozy customer segment the nester (55-70) BED BATH & BEYOND the juggler (40-55) the creative (18-40) key categories basic bedding top of bed bath nestwell everyday comfort 25#26COMMERICAL UPDATE spa-inspired bath essentials designed for your home customer segment the juggler (40-55) BED BATH & BEYOND the creative (18-40) key categories towels & rugs shower curtains & liners bath furniture bath storage & org haven Escape the noise 26#27COMMERICAL UPDATE hard-working home essentials at a great value Simply Essential. customer segment the nester (55-70) the juggler (40-55) the minimizer (18-40) the creative (18-40) BED BATH & BEYOND key categories bedding bath kitchen dining organization 27#28COMMERCIAL UPDATE buybuy BABY returns to positive comp growth, led by digital >$1bn in net sales in FY20 ● ● ● +52% growth in digital in FY20 Q4; returning to positive comp sales growth 0.6mn new online customers in FY20 Q4; 2.5mn new online customers in FY20, +45% 51mn visits to digital channels, >+40%, including 24mn unique visitors; conversion rate +8% 19% of US customers placed more than 2 digital orders vs. 15% in FY19 Q4 150,000 downloads of mobile app in FY20 Q4; >60% of BABY digital sales were from mobile channel >200,000 customers placed a BOPIS order in FY20 Q4, driving penetration to 14% of digital sales BED BATH & BEYOND My Sunshin ORIGINAL babyregistry Registry Perks! cradle love uddle baby registry cherish stroll dream Janet Mur & 28#29COMMERCIAL UPDATE buybuy BABY growth strategy includes 6 major pivots We build trust with parents by supporting them with what they need next, so families can celebrate every milestone-big and small-together (2) BED BATH & BEYOND DESIRE drive brand love (desire) and create loyalty beyond reason DECIDE drive trial and win at the point of decision DELIGHT delight customers with our brand & product experience to drive loyalty assortment solutioning own brands age up first 1,000 days Came value footprint#30operations update BED BATH & BEYOND buybuy BABY 30#31investments in stores enhance customer experience - remodels Proof of concept store remodels completed in Houston market during February 2021 ● OPERATIONS UPDATE ● Plans to remodel approx. 130 to 150 stores (across US/Canada) in FY 2021, including 26 stores during Q1 ~$250mn in expected CAPEX investments over the next 3 years to remodel approximately 450 Bed Bath & Beyond stores BED BATH & BEYOND home design CHARS EN pri che scal wake up happy sleep shop nestwell pers 14 sleep soundly 31#32OPERATIONS UPDATE technology transformation further enabling business transformation ... Applications Data & Analytics Infrastructure Technology Operating Model BED BATH & BEYOND M (X) Legacy architectures ▪ App proliferation ■ Legacy apps constrain innovation and increase risk Disparate applications and data siloes Current ▪ Siloed in systems ▪ Poor quality of data ▪ Lack of visibility to data where/when required ▪ Lack of timeliness ▪ Unreliable, aged, legacy tech Capital intensive ▪ Fixed capacity ▪ Long lead times Increased digital capabilities Flexibility, agility and scalability to meet business needs ▪ Request driven & manually intensive ▪ Siloed IT functions Operational challenges and focused on SLAs ▪ Skills confined to old technology Value Delivered Speed to market More efficient technology operations ▪ Cloud native app dev ▪ Modernized app portfolio · Enabling business strategy, innovation and speed to market ▪ Harmonized and integrated applications Transformed ▪ Data integrated on cloud platform ■ Readily available for analytics insights and decision making ▪ Timely decision making ▪ Enablement of strategic programs ▪ Cloud based ▪ Consumption driven spend ■ Scalable capacity Rapid provisioning ▪ Self-service/automated ▪ Teaming & collaboration ▪ Focused on agility & business impact ▪ Access to new technology & skill growth (2) Shift spend towards innovation Improved return on technology investment 32#33Q4 total enterprise summary BED BATH & BEYOND 33#34Q4 TOTAL ENTERPRISE SUMMARY Q4 performance Total Enterprise Comp Sales Growth +4% VS LY - BED BATH & BEYOND consistent execution of strategy Digital Comp Sales Growth +86% VS LY Adj. EBITDA Margin 6.4% VS 4.8% LY Note: Adj. EBITDA, and adj. gross margin are non-GAAP financial measures. For a reconciliation to comparable GAAP measures, see Appendix of this presentation. Positive Free Cash Flow¹ $62mn (1) Free Cash Flow is a non-GAAP financial measure. Free Cash Flow of $62mn includes cash flow provided from operations of $76mn less cash flow used in investing of $14mn, inclusive of $66mn of CAPEX. 34#35Q4 TOTAL ENTERPRISE SUMMARY making it easy for customers to feel at home BED BATH & BEYOND 1 buybuy BABY HARMON FACE VALUES decorist BED BATH & BEYOND 6 2 Authority in Home, Baby, Beauty & Wellness markets 3 4 Digital-first, omni-always strategy building foundation for long-term sustainable growth Positive comparable sales momentum fueled by digital and healthier core business, post divestitures and rationalized store footprint Initiatives in place to drive customer loyalty with margin accretive and differentiated Owned Brands, and elevated omnichannel shopping experience 5 Strong balance sheet with positive cash flow generation and gross debt reductions New management team with extensive retail transformation expertise 35#36appendix BED BATH & BEYOND APRIL 13, 2021#37APPENDIX quarterly summary of fiscal 2019 and 2020 net sales The following table shows a quarterly summary of the Company's fiscal 2019 and 2020 net sales on both a Reported GAAP basis and on a Core Go-Forward basis, which excludes sales from divested banners. ● ● The Company is providing this additional transparency to help analysts and investors gain further perspective on the Company's recent portfolio transformation and the quarterly comparisons of the Core Go-Forward banner, which include Bed Bath & Beyond, buybuy BABY, Harmon Face Values and Decorist. (in millions) NET SALES Reported Core Go-Forward Note: numbers may not add due to unding BED BATH & BEYOND Q1 Q2 FY19 Q3 Q4 Full Yr $2,573 $2,719 $2,759 $3,107 $11,159 2,080 2,263 2,191 2,471 9,006 Q1 $1,307 1,128 02 FY20 Q3 Q4 Full Yr $2,688 $2,618 $2,619 $9,233 2,239 2,186 2,390 7,943 37#38APPENDIX fiscal 2020 Q4 net income bridge - non-gaap reconciliation* Gross Profit Gross margin Restructuring and transformation initiative expenses (Loss) earnings before (benefit) provision for income taxes Tax (benefit) provision Effective tax rate Net income (loss) Net earnings per share - Diluted Weighted average shares outstanding- Basic Weighted average shares outstanding- Diluted Reported $ 825,488 BED BATH & BEYOND $ $ 31.5 % 54,554 (42,218) (51,277) 121.5 % 9,059 0.08 115,055 117,286 (1) Loss on Sale of Businesses $ - % 22,705 Three Months Ended February 27, 2021 Excluding Loss on sale- leaseback, including transaction fees $ 22,705 $ % Restructuring and Transformation Impairment Expenses charges 33,198 $ 1.3 % (54,554) 87,752 87,752 $ - % 8,883 8,883 Total income tax impact $ - % 81,297 (82.6)% (81,297) $ Total Impact 33,198 1.3% (54,554) 119,340 81,297 Adjusted $ 858,686 (82.6)% 38,043 $ $ (1) If a company is in a net loss position, then for earnings per share purposes, diluted weighted average shares outstanding are equivalent to basic weighted average shares outstanding. 32.8 % 77,122 30,020 38.9% 47,102 0.40 115,055 117,286 * The Company is presenting certain non-GAAP financial measures for its fiscal 2020 fourth quarter. In order for investors to be able to more easily compare the Company's performance across periods, the Company has included comparable reconciliation for the 2019 periods in the reconciliation table above and that follow. 38#39APPENDIX fiscal 2020 Q4 reconciliation of net income (loss) to EBITDA and adjusted EBITDA* Interest expense Tax (benefit) provision EBITDA EBITDA as % of net sales Reported Reconciliation of Net Income (loss) to EBITDA and Adjusted EBITDA Net income (loss) 9,059 $ 22,705 $ Depreciation and amortization 78,328 18,566 (51,277) 54,676 $ 22,705 $ BED BATH & BEYOND Loss on Sale of Businesses $ Three Months Ended February 27, 2021 Excluding Loss on sale- leaseback, including transaction fees Restructuring and Transformation Impairment Expenses charges $ $ 87,752 $ (6,141) 81,611 $ Total income tax impact 8,883 $ 8,883 $ (81,297) $ 81,297 Total Impact $ 38,043 $ (6,141) 81,297 113,199 $ Adjusted 47,102 72,187 18,566 30,020 167,875 * The Company is presenting certain non-GAAP financial measures for its fiscal 2020 fourth quarter. In order for investors to be able to more easily compare the Company's performance across periods, the Company has included comparable reconciliation for the 2019 periods in the reconciliation table above and that follow. 6.4% 39#40APPENDIX fiscal 2019 Q4 net income bridge Gross Profit Gross margin (Loss) earnings before (benefit) provision for income taxes Tax (benefit) provision Effective tax rate Net (loss) income Net (loss) earnings per share - Diluted Weighted average shares outstanding- Basic Weighted average shares outstanding- Diluted Reported $ 1,013,656 BED BATH & BEYOND 32.6 % (96,576) (31,162) 32.3 % $ (65,414) (0.53) 123,347 123,347 (1) Loss on Sale of Businesses $ S -% $ - Loss on sale- leaseback, including transaction fees Three Months Ended February 29, 2020 Excluding 32,840 % non-gaap reconciliation* Restructuring and Transformation Impairment Expenses Charges $ 32,840 $ 41,308 % $ -% 67,821 Total income tax impact $ % Total Impact $ 29,666 (35.6)% 41,308 S 67,821 $ (29,666) S 141,969 % Adjusted $ 1,013,656 29,666 (35.6)% 112,303 $ 32.6 % 45,393 (1,496) (3.3)% 46,889 0.38 123,347 123,754 (1) If a company is in a net loss position, then for earnings per share purposes, diluted weighted average shares outstanding are equivalent to basic weighted average shares outstanding. * The Company is presenting certain non-GAAP financial measures for its fiscal 2020 fourth quarter. In order for investors to be able to more easily compare the Company's performance across periods, the Company has included comparable reconciliation for the 2019 periods in the reconciliation table above and that follow. 40#41APPENDIX fiscal 2019 Q4 reconciliation of net income (loss) to EBITDA and adjusted EBITDA* BED BATH & BEYOND Reported Reconciliation of Net (Loss) Income to EBITDA and Adjusted EBITDA Net (loss) income $ (65,414) $ Depreciation and amortization 87,390 Interest expense 15,370 (31,162) Tax (benefit) provision EBITDA EBITDA as % of net sales $ Loss on Sale of Businesses 6,184 $ Three Months Ended February 29, 2020 Excluding Loss on sale- leaseback, including transaction fees $ Restructuring and Transformation Impairment Expenses Charges 32,840 $ $ 32,840 $ 41,308 $ 41,308 $ Total income tax impact 67,821 $ 67,821 $ Total Impact (29,666) $ 29,666 112,303 $ 29,666 $ 141,969 $ Adjusted 46,889 87,390 15,370 (1,496) 148,153 * The Company is presenting certain non-GAAP financial measures for its fiscal 2020 fourth quarter. In order for investors to be able to more easily compare the Company's performance across periods, the Company has included comparable reconciliation for the 2019 periods in the reconciliation table above and that follow. 4.8% 41