Selected Financial Data
since 2005
Income Statement
Bed Bath & Beyond Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Net sales | Operating profit (loss) | Net earnings (loss) |
|---|---|---|---|
| Feb 26, 2022 | 7,867,778) | (407,578) | (559,623) |
| Feb 27, 2021 | 9,233,028) | (336,887) | (150,773) |
| Feb 29, 2020 | 11,158,580) | (700,064) | (613,816) |
| Mar 2, 2019 | 12,028,797) | (87,135) | (137,224) |
| Mar 3, 2018 | 12,349,301) | 761,321) | 424,858) |
| Feb 25, 2017 | 12,215,757) | 1,135,210) | 685,108) |
| Feb 27, 2016 | 12,103,887) | 1,414,903) | 841,489) |
| Feb 28, 2015 | 11,881,176) | 1,554,293) | 957,474) |
| Mar 1, 2014 | 11,503,963) | 1,614,587) | 1,022,290) |
| Mar 2, 2013 | 10,914,585) | 1,638,218) | 1,037,788) |
| Feb 25, 2012 | 9,499,890) | 1,568,369) | 989,537) |
| Feb 26, 2011 | 8,758,503) | 1,288,458) | 791,333) |
| Feb 27, 2010 | 7,828,793) | 980,687) | 600,033) |
| Feb 28, 2009 | 7,208,340) | 673,896) | 425,123) |
| Mar 1, 2008 | 7,048,942) | 838,022) | 562,808) |
| Mar 3, 2007 | 6,617,429) | 889,401) | 594,244) |
| Feb 25, 2006 | 5,809,562) | 879,171) | 572,847) |
| Feb 26, 2005 | 5,147,678) | 792,414) | 504,964) |
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), 10-K (reporting date: 2016-02-27), 10-K (reporting date: 2015-02-28), 10-K (reporting date: 2014-03-01), 10-K (reporting date: 2013-03-02), 10-K (reporting date: 2012-02-25), 10-K (reporting date: 2011-02-26), 10-K (reporting date: 2010-02-27), 10-K (reporting date: 2009-02-28), 10-K (reporting date: 2008-03-01), 10-K (reporting date: 2007-03-03), 10-K (reporting date: 2006-02-25), 10-K (reporting date: 2005-02-26).
The financial performance exhibits a distinct cycle of prolonged expansion followed by a severe contraction and systemic losses. Growth was consistent for over a decade, but profitability peaked and began declining several years before revenue reached its maximum value, indicating a compression of margins prior to the overall decline in sales.
- Revenue Trends
- Net sales demonstrated a steady upward trajectory from 2005, increasing from approximately 5.15 billion USD to a peak of 12.35 billion USD in 2018. This period represents a significant expansion in market reach. However, a sharp reversal occurred after 2018, with sales falling to 7.87 billion USD by 2022, representing a substantial erosion of the top line within a four-year window.
- Operating Profitability
- Operating profit peaked in 2013 at 1.64 billion USD, notably five years before the peak in net sales. A gradual decline followed, with margins narrowing until 2019, when the company transitioned to an operating loss of 87 million USD. This downward trend accelerated sharply in 2020 with a loss of 700 million USD, and while losses fluctuated in subsequent years, they remained deeply negative, reflecting an inability to align operational costs with diminishing revenues.
- Net Earnings
- Net earnings followed a pattern closely mirrored by operating profit, reaching a maximum of 1.04 billion USD in 2013. A persistent decline in net income occurred between 2014 and 2018, culminating in a net loss of 137 million USD in 2019. The period from 2020 to 2022 was characterized by severe financial instability, with net losses peaking at 613 million USD in 2020 and remaining substantial at 559 million USD in 2022.
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Balance Sheet: Assets
Bed Bath & Beyond Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Feb 26, 2022 | 2,363,154) | 5,130,572) |
| Feb 27, 2021 | 3,620,045) | 6,456,930) |
| Feb 29, 2020 | 3,826,285) | 7,790,515) |
| Mar 2, 2019 | 3,909,972) | 6,570,541) |
| Mar 3, 2018 | 3,971,078) | 7,040,806) |
| Feb 25, 2017 | 3,810,744) | 6,846,029) |
| Feb 27, 2016 | 3,825,962) | 6,498,940) |
| Feb 28, 2015 | 4,083,603) | 6,758,993) |
| Mar 1, 2014 | 3,814,610) | 6,356,033) |
| Mar 2, 2013 | 3,867,485) | 6,279,952) |
| Feb 25, 2012 | 4,142,939) | 5,724,546) |
| Feb 26, 2011 | 4,073,838) | 5,646,193) |
| Feb 27, 2010 | 3,563,345) | 5,152,130) |
| Feb 28, 2009 | 2,562,799) | 4,268,843) |
| Mar 1, 2008 | 2,079,711) | 3,844,093) |
| Mar 3, 2007 | 2,698,614) | 3,959,304) |
| Feb 25, 2006 | 2,071,945) | 3,382,140) |
| Feb 26, 2005 | 2,097,002) | 3,199,979) |
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), 10-K (reporting date: 2016-02-27), 10-K (reporting date: 2015-02-28), 10-K (reporting date: 2014-03-01), 10-K (reporting date: 2013-03-02), 10-K (reporting date: 2012-02-25), 10-K (reporting date: 2011-02-26), 10-K (reporting date: 2010-02-27), 10-K (reporting date: 2009-02-28), 10-K (reporting date: 2008-03-01), 10-K (reporting date: 2007-03-03), 10-K (reporting date: 2006-02-25), 10-K (reporting date: 2005-02-26).
The asset profile demonstrates a prolonged period of expansion followed by a sharp contraction in the final years of the reporting period.
- Total Asset Trajectory
- Total assets exhibited a general upward trend from 2005, increasing from 3,199,979 thousand US dollars to a peak of 7,790,515 thousand US dollars in February 2020. This growth was characterized by steady gains between 2009 and 2018. However, a significant reversal is observed after 2020, with total assets declining to 5,130,572 thousand US dollars by February 2022.
- Current Asset Trends
- Current assets grew from 2,097,002 thousand US dollars in 2005 to a peak of 4,142,939 thousand US dollars in 2012. Following this peak, current assets entered a period of relative stagnation, fluctuating within a narrow range between 3.6 billion and 4.1 billion US dollars for nearly a decade. A precipitous decline occurred in 2022, with current assets falling to 2,363,154 thousand US dollars.
- Asset Composition and Concentration
- The proportion of current assets relative to total assets shifted over time. In the early reporting periods, current assets represented a higher percentage of the total asset base. As total assets grew—particularly between 2013 and 2020—the growth was driven primarily by non-current assets, leading to a lower concentration of liquidity. The simultaneous and rapid reduction in both current and total assets in 2022 indicates a systemic contraction of the balance sheet.
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Balance Sheet: Liabilities and Stockholders’ Equity
Bed Bath & Beyond Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Long term debt | Shareholders’ equity | |
|---|---|---|---|---|
| Feb 26, 2022 | 2,074,787) | 4,956,427) | 1,179,776) | 174,145) |
| Feb 27, 2021 | 2,294,921) | 5,179,994) | 1,190,363) | 1,276,936) |
| Feb 29, 2020 | 2,466,526) | 6,025,580) | 1,488,400) | 1,764,935) |
| Mar 2, 2019 | 2,077,632) | 4,010,210) | 1,487,934) | 2,560,331) |
| Mar 3, 2018 | 2,165,685) | 4,152,178) | 1,492,078) | 2,888,628) |
| Feb 25, 2017 | 2,032,501) | 4,126,752) | 1,491,603) | 2,719,277) |
| Feb 27, 2016 | 1,867,225) | 3,939,400) | 1,500,000) | 2,559,540) |
| Feb 28, 2015 | 1,942,681) | 4,015,803) | 1,500,000) | 2,743,190) |
| Mar 1, 2014 | 1,839,959) | 2,414,746) | —) | 3,941,287) |
| Mar 2, 2013 | 1,635,210) | 2,200,222) | —) | 4,079,730) |
| Feb 25, 2012 | 1,339,130) | 1,802,018) | —) | 3,922,528) |
| Feb 26, 2011 | 1,322,440) | 1,714,534) | —) | 3,931,659) |
| Feb 27, 2010 | 1,149,554) | 1,499,226) | —) | 3,652,904) |
| Feb 28, 2009 | 952,968) | 1,268,389) | —) | 3,000,454) |
| Mar 1, 2008 | 1,014,112) | 1,282,265) | —) | 2,561,828) |
| Mar 3, 2007 | 1,145,073) | 1,310,153) | —) | 2,649,151) |
| Feb 25, 2006 | 989,546) | 1,119,690) | —) | 2,262,450) |
| Feb 26, 2005 | 873,593) | 996,217) | —) | 2,203,762) |
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), 10-K (reporting date: 2016-02-27), 10-K (reporting date: 2015-02-28), 10-K (reporting date: 2014-03-01), 10-K (reporting date: 2013-03-02), 10-K (reporting date: 2012-02-25), 10-K (reporting date: 2011-02-26), 10-K (reporting date: 2010-02-27), 10-K (reporting date: 2009-02-28), 10-K (reporting date: 2008-03-01), 10-K (reporting date: 2007-03-03), 10-K (reporting date: 2006-02-25), 10-K (reporting date: 2005-02-26).
The financial trajectory from 2005 to 2022 reflects a fundamental shift in the capital structure, moving from a conservative, equity-funded model to one characterized by significant leverage and a severe erosion of shareholder value.
- Liability Trends and Composition
- Current liabilities exhibited a consistent upward trajectory for the majority of the period, rising from $873.6 million in 2005 to a peak of $2.47 billion in 2020. This indicates a sustained increase in short-term financial obligations over fifteen years.
- Total Liabilities and Long-Term Debt
- Total liabilities remained relatively stable and low until 2014, after which a sharp increase occurred. In 2015, total liabilities jumped from $2.41 billion to $4.02 billion, coinciding with the introduction of $1.5 billion in long-term debt. This indicates a strategic transition toward leveraged financing. Total liabilities reached a maximum of $6.03 billion in 2020 before declining to $4.96 billion by February 2022.
- Shareholders' Equity Evolution
- Shareholders' equity experienced a growth phase between 2005 and 2013, peaking at $4.08 billion. Following this peak, a sustained and accelerating decline began. By 2015, equity dropped to $2.74 billion, and the contraction intensified between 2019 and 2022. By the end of the observed period, shareholders' equity plummeted to $174.1 million, representing a near-total depletion of the equity base.
The convergence of rising total liabilities and collapsing shareholders' equity indicates a deteriorating solvency position. The introduction of substantial long-term debt in 2015 serves as a critical pivot point, after which the balance sheet transitioned from a position of financial strength to one of extreme capital fragility, culminating in a significant imbalance between obligations and equity by 2022.
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Cash Flow Statement
Bed Bath & Beyond Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Feb 26, 2022 | 17,854) | (349,182) | (606,018) |
| Feb 27, 2021 | 268,108) | 737,880) | (632,304) |
| Feb 29, 2020 | 590,941) | 91,376) | (182,846) |
| Mar 2, 2019 | 918,278) | (509,682) | (238,584) |
| Mar 3, 2018 | 859,689) | (674,412) | (323,431) |
| Feb 25, 2017 | 1,041,788) | (491,929) | (580,727) |
| Feb 27, 2016 | 1,012,184) | (275,632) | (1,088,752) |
| Feb 28, 2015 | 1,185,848) | 48,769) | (712,290) |
| Mar 1, 2014 | 1,383,186) | (359,750) | (1,221,891) |
| Mar 2, 2013 | 1,192,990) | (665,792) | (965,393) |
| Feb 25, 2012 | 1,225,284) | (364,000) | (1,041,705) |
| Feb 26, 2011 | 987,407) | (340,959) | (558,961) |
| Feb 27, 2010 | 905,407) | (488,692) | 11,176) |
| Feb 28, 2009 | 583,970) | (113,095) | (26,750) |
| Mar 1, 2008 | 614,536) | 101,698) | (705,531) |
| Mar 3, 2007 | 613,632) | (397,673) | (250,275) |
| Feb 25, 2006 | 660,435) | (67,570) | (567,276) |
| Feb 26, 2005 | 616,389) | (363,043) | (325,738) |
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), 10-K (reporting date: 2016-02-27), 10-K (reporting date: 2015-02-28), 10-K (reporting date: 2014-03-01), 10-K (reporting date: 2013-03-02), 10-K (reporting date: 2012-02-25), 10-K (reporting date: 2011-02-26), 10-K (reporting date: 2010-02-27), 10-K (reporting date: 2009-02-28), 10-K (reporting date: 2008-03-01), 10-K (reporting date: 2007-03-03), 10-K (reporting date: 2006-02-25), 10-K (reporting date: 2005-02-26).
The financial trajectory of the entity over the period from 2005 to 2022 is characterized by a prolonged era of operational stability and growth followed by a severe and rapid deterioration of cash generation capabilities.
- Operating Activities
- Net cash provided by operating activities remained relatively stable between 2005 and 2009, averaging approximately 600 million USD. A period of significant growth followed, peaking in 2014 at 1.38 billion USD. However, a downward trend commenced after 2014, accelerating sharply after 2018. By February 2022, operating cash flow had collapsed to 17.85 million USD, representing a near-total erosion of the company's ability to generate cash from its core business operations.
- Investing Activities
- Investing activities were predominantly negative for the majority of the analyzed period, which is consistent with ongoing capital expenditures. Notable spikes in investment outflows occurred in 2013 and 2018. A significant shift is observed between 2020 and 2021, where the entity transitioned to positive investing cash flows, peaking at 737.88 million USD in 2021. This reversal suggests a strategic shift toward asset liquidation or the sale of investments to bolster liquidity during a period of operational decline.
- Financing Activities
- Cash flows from financing activities were almost exclusively negative throughout the entire 17-year period. Substantial outflows were recorded particularly between 2012 and 2016, with the largest single-year outflow occurring in 2014 at 1.22 billion USD. The persistence of these negative values indicates a consistent commitment to capital returns, debt repayment, or other financing obligations, even as operating cash flows began to diminish.
- Overall Cash Flow Dynamics
- The historical relationship between the three cash flow components reveals a transition from a self-sustaining model to one of crisis management. For over a decade, strong operating cash flows funded both capital investments and significant financing outflows. However, the final four years of the data set show a critical imbalance where the collapse of operating cash flow necessitated a reliance on investing activities (asset sales) to offset continuing financing outflows.
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Per Share Data
Bed Bath & Beyond Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Feb 26, 2022 | -5.64 | -5.64 | 0.00 |
| Feb 27, 2021 | -1.24 | -1.24 | 0.00 |
| Feb 29, 2020 | -4.94 | -4.94 | 0.68 |
| Mar 2, 2019 | -1.02 | -1.02 | 0.64 |
| Mar 3, 2018 | 3.05 | 3.04 | 0.60 |
| Feb 25, 2017 | 4.61 | 4.58 | 0.50 |
| Feb 27, 2016 | 5.15 | 5.10 | 0.00 |
| Feb 28, 2015 | 5.13 | 5.07 | 0.00 |
| Mar 1, 2014 | 4.85 | 4.79 | 0.00 |
| Mar 2, 2013 | 4.62 | 4.56 | 0.00 |
| Feb 25, 2012 | 4.12 | 4.06 | 0.00 |
| Feb 26, 2011 | 3.11 | 3.07 | 0.00 |
| Feb 27, 2010 | 2.33 | 2.30 | 0.00 |
| Feb 28, 2009 | 1.66 | 1.64 | 0.00 |
| Mar 1, 2008 | 2.13 | 2.10 | 0.00 |
| Mar 3, 2007 | 2.12 | 2.09 | 0.00 |
| Feb 25, 2006 | 1.95 | 1.92 | 0.00 |
| Feb 26, 2005 | 1.68 | 1.65 | 0.00 |
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), 10-K (reporting date: 2016-02-27), 10-K (reporting date: 2015-02-28), 10-K (reporting date: 2014-03-01), 10-K (reporting date: 2013-03-02), 10-K (reporting date: 2012-02-25), 10-K (reporting date: 2011-02-26), 10-K (reporting date: 2010-02-27), 10-K (reporting date: 2009-02-28), 10-K (reporting date: 2008-03-01), 10-K (reporting date: 2007-03-03), 10-K (reporting date: 2006-02-25), 10-K (reporting date: 2005-02-26).
1, 2, 3 Data adjusted for splits and stock dividends.
The per share financial performance exhibits three distinct phases: a prolonged period of growth, a sharp contraction, and a subsequent transition into significant net losses.
- Earnings Per Share (EPS) Trends
- Between 2005 and 2016, both basic and diluted earnings per share demonstrated a consistent upward trajectory. Basic EPS rose from 1.68 USD in 2005 to a peak of 5.15 USD in 2016. This period represents a sustained expansion in profitability per share, with diluted EPS tracking closely, peaking at 5.10 USD in the same year.
- A reversal in profitability began in 2017, where basic EPS declined to 4.61 USD, followed by a more significant drop to 3.05 USD in 2018. This downward trend accelerated sharply in 2019, marking the transition to negative earnings with a basic EPS of -1.02 USD.
- From 2020 to 2022, the company experienced severe volatility and deepening losses. Basic EPS plummeted to -4.94 USD in 2020, saw a partial recovery to -1.24 USD in 2021, before reaching a period low of -5.64 USD in 2022.
- Dividend Distribution Patterns
- The company maintained a policy of zero dividend distributions from 2005 through 2016. Dividends were first introduced in 2017 at 0.50 USD per share.
- Payouts increased incrementally over the next three years, reaching 0.60 USD in 2018, 0.64 USD in 2019, and peaking at 0.68 USD in 2020. However, these increases occurred despite the onset of negative earnings per share.
- Dividend payments ceased entirely after 2020, coinciding with the period of maximum earnings instability and sustained net losses.
Overall, the financial data reveals a complete erosion of shareholder value through earnings, where a decade of growth was erased by a rapid descent into deep deficits. The brief implementation of a dividend program occurred during a period of declining profitability and was terminated as losses intensified.
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