Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Analysis of Debt
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Bed Bath & Beyond Inc., consolidated income statement (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2022-08-27), 10-Q (reporting date: 2022-05-28), 10-K (reporting date: 2022-02-26), 10-Q (reporting date: 2021-11-27), 10-Q (reporting date: 2021-08-28), 10-Q (reporting date: 2021-05-29), 10-K (reporting date: 2021-02-27), 10-Q (reporting date: 2020-11-28), 10-Q (reporting date: 2020-08-29), 10-Q (reporting date: 2020-05-30), 10-K (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-Q (reporting date: 2019-06-01), 10-K (reporting date: 2019-03-02), 10-Q (reporting date: 2018-12-01), 10-Q (reporting date: 2018-09-01), 10-Q (reporting date: 2018-06-02), 10-K (reporting date: 2018-03-03), 10-Q (reporting date: 2017-11-25), 10-Q (reporting date: 2017-08-26), 10-Q (reporting date: 2017-05-27), 10-K (reporting date: 2017-02-25), 10-Q (reporting date: 2016-11-26), 10-Q (reporting date: 2016-08-27), 10-Q (reporting date: 2016-05-28).
- Net Sales Trend
- The net sales exhibit a cyclical pattern with noticeable seasonal peaks generally around late Q4 and early Q1 of each fiscal year, reaching highs such as in February 2017 (approx. $3.53 billion) and March 2018 (approx. $3.72 billion). Following these peaks, a decline is observed each following quarter. A significant drop in net sales occurs around May 2020, falling to approximately $1.31 billion, likely reflecting an extraordinary event impacting revenue. After this low point, net sales partially recover but remain below previous peak levels through August 2022.
- Cost of Sales Patterns
- Cost of sales trends broadly mirror net sales movements, with peaks aligning with the high revenue quarters. The highest costs are seen in quarters with peak sales such as February 2017 and March 2018. However, there is a markedly lower cost base during the May 2020 quarter and thereafter, consistent with reduced sales volumes. The gross margin remains positive in all reported periods despite these fluctuations.
- Gross Profit Analysis
- Gross profit follows the general ups and downs of sales and cost trends but declines more sharply during the May 2020 quarter, dropping to approximately $348 million from over $1 billion in prior peaks. This reflects the pressure on profitability likely due to sales disruptions. Although there is some recovery afterward, gross profit figures do not return to prior highs through the latest reported quarter, indicating continued challenges in maintaining previous profit levels.
- Operating Expenses and Their Effect
- Selling, general and administrative expenses exhibit modest fluctuations relative to sales cycles but show a somewhat downward trend from early 2020 onward, possibly reflecting cost control measures. Despite these efforts, operating profit turns negative starting December 2018 and continues mostly negative through 2022. This deterioration suggests that reduced sales and impairment charges have significantly impacted operating results.
- Impairments and Restructuring Charges
- Starting in December 2018, large impairment charges appear, peaking in early 2019 and continuing intermittently through 2022. These non-recurring expenses coincide with periods of operating losses and likely reflect asset write-downs related to restructuring or changes in market conditions. Additionally, restructuring and transformation initiative expenses emerge in mid-2020, further indicating a period of organizational changes aimed at cost reduction or business transformation.
- Gains/Losses on Sale of Businesses and Debt Extinguishment
- There is a notable gain on the sale of businesses in mid-2020, which partially offsets losses in that quarter. Gains and losses on debt extinguishment are sporadic and relatively minor and therefore have limited impact on overall results.
- Operating Profit (Loss) Overview
- Operating profit shows a strong positive position through 2017 and early 2018 followed by a sharp decline starting in late 2018, with losses intensifying through 2020 and beyond. The most significant negative operating results coincide with large impairment charges and restructuring expenses, suggesting operational challenges and strategic shifts during this period.
- Interest Expense and Income Tax Provision
- Interest expense remains relatively stable over the period, indicating consistent debt servicing costs. The income tax benefit and provision figures fluctuate widely, with large tax benefits occurring in quarters with significant losses, reflecting deferred tax assets or tax loss carrybacks. Tax provisions tend to be positive during profitable quarters.
- Net Earnings Performance
- Net earnings portray a similar trajectory to operating profit, with positive earnings until late 2018. Beginning in December 2018, net losses become pronounced, intensifying through 2020 with the largest losses recorded in May 2020 (over $300 million loss). Although some quarters post reduced losses or slight profits afterward, overall net profitability remains weak.
- Summary of Overall Financial Health
- Overall, the data reflect a company experiencing robust sales and profitability through 2017 and early 2018, followed by a significant operational downturn beginning late 2018. The challenges include declining sales, increased impairments, restructuring costs, and consecutive operating losses resulting in sustained net losses. The period after early 2020 shows the effects of external pressures and internal restructuring efforts, with moderate recovery in sales but continued profitability challenges.