Bed Bath & Beyond declares $400mn share repurchase program
27 Oct '05
2 min read
Leading Home furnishing company Bed Bath & Beyond Inc announced that its Board of Directors has approved a $400 million share repurchase program, which authorizes the Company to repurchase shares of its common stock in the open market at times and prices considered appropriate by the Company. The program is effective today and is expected, depending upon prevailing market conditions, to be completed within approximately 12 months.
"Board took this action based upon their Company's continued strong financial condition and it reflects the Board's confidence in Bed Bath & Beyond's growth potential, financial outlook and excess cash flow generation," said Steven Temares, Chief Executive Officer and Member of the Board of Directors.
Although the exact timing and amounts are not known, the repurchases are not expected to have a material impact on earnings per share in the third and fourth quarters of fiscal 2005.
The Company, which has been debt-free for over 9 years, had approximately $1.4 billion in cash, cash equivalents and investment securities as of August 27, 2005, the end of the Company's fiscal second quarter.
As of August 27, 2005, the Company operated a total of 749 stores, including 686 Bed Bath & Beyond stores in 44 states and Puerto Rico, 27 Christmas Tree Shops in 7 states and 36 Harmon Stores in 3 states.
Bed Bath & Beyond Inc is a nationwide chain of retail stores. TheCompany's Bed Bath & Beyond stores sell better quality domestics merchandise and home furnishings. The Company's Christmas Tree Shops and Harmon Stores sell giftware and household items and health and beauty care items, respectively.
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