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UNION, N.J., July 23, 2019 /PRNewswire/ -- Bed Bath &Beyond Inc. (Nasdaq: BBBY) today announced that in connection withits ongoing transformation and near-term priority to reset theCompany's cost structure, it has initiated a reduction in corporatestaff at its headquarters in Union, NewJersey and at other select locations where corporateassociates are based. As part of this realignment,Eugene A. Castagna, President andChief Operating Officer of the Company, departed today and the rolehas been eliminated.
Mary A. Winston, Interim CEO, andMember of the Board of Directors of Bed Bath & Beyond Inc.stated, 'As we reset our approach to the business transformationunderway, we are executing against 4 key near-term prioritiesincluding resetting the cost structure. While decisions thatimpact our staff are difficult, today's action is an important stepin simplifying our corporate structure and ensuring our resourcesare aligned with the business we are managing today. Weremain confident in the underlying business and our ability toleverage the strength of the Bed Bath & Beyond brand and ourlasting connection with customers to deliver on our near-termpriorities and transform the Company.'
The Company recently completed a comprehensive and carefulreview of its corporate office cost structure, which has resultedin a reduction of approximately 7% of its corporate staff,including vice presidents, directors, managers and professionalstaff. Each of the impacted associates was offered severancepay and other Company support to assist them with their jobtransition. The Company will continue to review its coststructure to identify additional cost-savings opportunities.
Cost Savings and Fiscal 2019 Financial Outlook
These organizational changes are estimated to generate futureannual pre-tax net savings of approximately $30.7 million. Due to the timing of thesechanges, the pre-tax net savings for the remainder of fiscal 2019are estimated to be approximately $18.9million. The Company expects to incur pre-tax cashrestructuring charges of approximately $12.0million in fiscal 2019, primarily for severance and relatedcosts in conjunction with this staff reduction, all of which willbe expensed in the second quarter.
As provided during the Company's fiscal 2019 first quarterconference call on July 10, 2019, BedBath & Beyond Inc. expects its fiscal 2019 full year netearnings per diluted share to be at the lower end of $2.11 to $2.20,excluding goodwill and other impairments, severance and shareholderactivity costs. In providing this operational guidance, the Companyincluded an estimate of the pre-tax cost savings related to today'saction to reset its cost structure. The Company expects tosee a gradual, sequential improvement in its quarterly net earningsper diluted share, with the vast majority of its net earnings perdiluted share to be earned in the second half of the fiscalyear.
Due to the inherent difficulty of forecasting the timing oramount of items that have not yet occurred and are out of theCompany's control, and that would impact its net sales, diluted netearnings per share, and the most directly comparableforward-looking GAAP financial measures, the Company has notprovided a reconciliation to these measures for its fiscal 2019full year outlook on a GAAP basis. For the same reasons, theCompany is unable to address the probable significance of theunavailable information. Forward-looking non-GAAP financialmeasures provided without the most directly comparable GAAPfinancial measures may vary materially from the corresponding GAAPfinancial measures.
About the Company
Bed Bath & Beyond Inc. and subsidiaries (the 'Company') isan omnichannel retailer that is the trusted expert for the home andheart-felt life events. The Company sells a wide assortment ofdomestics merchandise and home furnishings. The Company alsoprovides a variety of textile products, amenities and other goodsto institutional customers in the hospitality, cruise line,healthcare and other industries. Additionally, the Company is apartner in a joint venture which operates retail stores inMexico under the name Bed Bath& Beyond.
The Company operates websites at bedbathandbeyond.com,bedbathandbeyond.ca, worldmarket.com, buybuybaby.com,buybuybaby.ca, christmastreeshops.com, andthat.com,harmondiscount.com, facevalues.com, ofakind.com, onekingslane.com,personalizationmall.com, decorist.com, harborlinen.com, andt-ygroup.com.
Forward-Looking Statements
This press release contains forward-looking statements,including, but not limited to, anticipated net earnings per dilutedshare and the amount and timing of estimated future annual pre-taxcost savings and pre-tax cash restructuring charges associated withthe workforce reduction, as well as the ability to identifyadditional cost savings opportunities. Many of theseforward-looking statements can be identified by use of words suchas may, will, expect, anticipate, approximate, estimate, assume,continue, model, project, plan, goal, and similar words andphrases. The Company's actual results and future financialcondition may differ materially from those expressed in any suchforward-looking statements as a result of many factors. Suchfactors include, without limitation: general economic conditionsincluding the housing market, a challenging overall macroeconomicenvironment and related changes in the retailing environment;consumer preferences, spending habits and adoption of newtechnologies; demographics and other macroeconomic factors that mayimpact the level of spending for the types of merchandise sold bythe Company; civil disturbances and terrorist acts; unusual weatherpatterns and natural disasters; competition from existing andpotential competitors across all channels; pricing pressures;liquidity; the ability to achieve anticipated cost savings, and tonot exceed anticipated costs, associated with organizationalchanges and investments; the ability to attract and retainqualified employees in all areas of the organization, including apermanent Chief Executive Officer; the cost of labor, merchandiseand other costs and expenses; potential supply chain disruption dueto trade restrictions, political instability, labor disturbances,product recalls, financial or operational instability of suppliersor carriers, and other items; the ability to find suitablelocations at acceptable occupancy costs and other terms to supportthe Company's plans for new stores; the ability to establish andprofitably maintain the appropriate mix of digital and physicalpresence in the markets it serves; the ability to assess andimplement technologies in support of the Company's development ofits omnichannel capabilities; uncertainty in financial markets;volatility in the price of the Company's common stock and itseffect, and the effect of other factors, on the Company's capitalallocation strategy; the impact of goodwill and intangible assetimpairments; disruptions to the Company's information technologysystems including but not limited to security breaches of systemsprotecting consumer and employee information or other types ofcybercrimes or cybersecurity attacks; reputational risk arisingfrom challenges to the Company's or a third party product orservice supplier's compliance with various laws, regulations orstandards, including those related to labor, health, safety,privacy or the environment; reputational risk arising fromthird-party merchandise or service vendor performance in directhome delivery or assembly of product for customers; changes tostatutory, regulatory and legal requirements, including withoutlimitation proposed changes affecting international trade; changesto, 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; foreign currency exchangerate fluctuations; and the integration of acquired businesses. TheCompany does not undertake any obligation to update itsforward-looking statements.
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SOURCE Bed Bath & Beyond Inc.
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