Bed Bath & Beyond Results Presentation Deck
Q4 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.
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