Income Statement
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
- Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Analysis of Revenues
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Bed Bath & Beyond Inc., consolidated income statement
US$ in thousands
Based on: 10-K (reporting date: 2022-02-26), 10-K (reporting date: 2021-02-27), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-03-02), 10-K (reporting date: 2018-03-03), 10-K (reporting date: 2017-02-25).
- Net Sales
- Net sales demonstrated a declining trend over the periods from 2017 to 2022, decreasing from approximately $12.22 billion in 2017 to $7.87 billion in 2022. The reduction was relatively moderate initially but became more pronounced beginning in 2020, with a sharp decline continuing through 2021 and 2022.
- Cost of Sales
- Cost of sales also declined over the periods, moving from about $7.64 billion in 2017 to $5.38 billion in 2022. The decline in cost of sales was generally aligned with the decrease in net sales, although the rate of decrease was somewhat less steep, which affected gross profitability.
- Gross Profit
- Gross profit consistently decreased from $4.58 billion in 2017 to $2.48 billion in 2022. This trend reflects a contraction in profitability at the gross margin level and may point toward pressures on pricing or product mix, alongside the falling sales volume.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses initially increased slightly, peaking around 2019 and 2020 with values over $3.68 billion, but then declined significantly to about $2.69 billion in 2022. The reduction in these expenses in later years suggests cost-cutting efforts to counteract declining revenues and profitability pressures.
- Impairments, Including on Assets Held for Sale
- Impairments were notably recorded beginning in 2019, with substantial values near $510 million, and continued at lower but significant levels through 2022. These impairment charges indicate asset write-downs likely related to restructuring or declining asset values.
- Restructuring and Transformation Initiative Expenses
- Recorded only in 2021 and 2022, these expenses reflect additional costs associated with restructuring activities, amounting to $102 million and $144 million respectively, highlighting ongoing efforts to reorganize operations during periods of financial stress.
- Loss on Sale of Businesses
- This expense appears in 2021 and 2022, with a rising loss from $1.1 million to $18.2 million, suggesting divestitures at a loss, potentially part of strategic realignments or attempts to improve liquidity.
- Operating Profit (Loss)
- Operating profit declined sharply from $1.14 billion in 2017 to operating losses starting in 2019. The losses deepened considerably in 2020, then reduced but remained negative through 2022, indicating persistent operational challenges despite cost controls.
- Interest Expense, Net
- Interest expenses remained relatively stable over the periods, fluctuating between approximately $65 million to $77 million annually, showing consistent financing costs without significant changes tied to debt levels or interest rates.
- Gain (Loss) on Extinguishment of Debt
- A gain on extinguishment of debt was recorded only in 2021 amounting to $77 million, followed by a minor loss in 2022, suggesting some debt restructuring activities impacting the financial results in these years.
- Earnings (Loss) Before Income Taxes
- Pre-tax earnings followed a decreasing trajectory from a profit of $1.07 billion in 2017 to losses from 2019 onward. The losses before taxes deepened in 2020 and remained significant through 2022, underscoring ongoing financial difficulties.
- Provision (Benefit) from Income Taxes
- The tax provision showed variability, with tax benefits recorded in 2019, 2020, and 2021 despite pre-tax losses, indicating deferred tax assets or tax strategy impacts. However, in 2022, a tax provision of $87 million was recorded, which negatively affected net results.
- Net Earnings (Loss)
- Net earnings declined from a profit of $685 million in 2017 to losses beginning in 2019. The net losses widened in 2020 and persisted through 2022, culminating in a loss of $560 million in 2022, reflecting significant overall financial deterioration.