Item 7.01 Regulation FD Disclosure.
Bed Bath & Beyond Inc. (the "Company") is providing the following update
regarding performance over the first two months of the fiscal 2020 second
quarter:
In late May 2020, the Company started reopening stores to the public and, as of
the end of July 2020, substantially all stores have re-opened. As previously
disclosed in an Investor FAQs document furnished by the Company on a Current
Report on Form 8-K filed on July 14, 2020, total net sales were down only 7% for
the month of June, including more than an 80% increase in sales from digital
channels and an approximately 25% decline in sales from stores, when, on
average, there were 22% fewer store open days. For the month of June, total
comparable sales, for stores that have reopened and from digital channels
combined, was positive. Further, cash flow was positive in June. For the month
of July, total net sales grew 2% over the prior year period, including more than
a 70% increase in sales from digital channels and an approximately 15% decline
in sales from stores. Total comparable sales for the month of July was positive.
Cash flow continued to be positive in July.
The information in Item 7.01 of this Current Report on Form 8-K is being
furnished and shall not be deemed "filed" for the purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise
subject to the liability of such section or incorporated by reference in any
filing under the Securities Act of 1933, as amended, or the Exchange Act, except
as shall be expressly set forth by specific reference in such a filing.
Item 8.01 Other Events.
On August 10, 2020, the Company issued a press release announcing that the
Company has commenced cash tender offers to purchase up to $300 million
aggregate principal amount of its outstanding 4.195% Senior Notes due 2034 and
5.165% Senior Notes due 2044. A copy of the press release is attached hereto as
Exhibit 99.1 and is incorporated by reference into this Item 8.01.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
No. Description
99.1 Press Release issued by Bed Bath & Beyond Inc. on August 10, 2020
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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