UNION, N.J., May 14 /PRNewswire-FirstCall/ -- Bed Bath & Beyond Inc. today
announced the formation of a joint venture with Home & More, S.A. de C.V., a
privately-held home products retailer operating in Mexico. As a result of a
$4 million investment, Bed Bath & Beyond Inc. becomes a 50% equity holder in a
newly formed entity currently operating two stores in Mexico City under the
name "Home & More," which offer a broad assortment of products for the home
including, domestics merchandise, home furnishings and giftware. Bed Bath &
Beyond Inc. believes that the Mexican joint venture will not have a material
effect on its overall results or financial condition for fiscal 2008.
This announcement follows the opening this past year of Bed Bath &
Beyond's first international store in Richmond Hill, Ontario, Canada. In
addition, Bed Bath & Beyond has signed or is in final documentation for
approximately a dozen sites in Canada and is actively negotiating another
dozen sites as it looks forward to its expansion throughout the Country.
"Following on our successful entry into Canada, we are excited to be
entering Mexico with the strong management team of Home & More as our
partners. We believe their depth of retail experience and local knowledge in
Mexico supports our partnership's short and long-term prospects for growth
within Mexico," stated Steven H. Temares, Chief Executive Officer and a Member
of the Board of Directors of Bed Bath & Beyond Inc. He added, "We believe
there is a significant opportunity for future growth throughout Mexico."
Marc Monsonego, Chief Executive Officer of Home & More, stated, "We are
thrilled to partner with Bed Bath & Beyond. Our management team is eager to
combine Bed Bath & Beyond's success -- the culture, merchandising strategies
and superior customer service -- with our proven track record in Mexico."
Bed Bath & Beyond Inc. and subsidiaries (the "Company") is a chain of
retail stores, operating under the names of Bed Bath & Beyond, Christmas Tree
Shops, Harmon, Harmon Face Values and buybuy BABY. The Company sells a wide
assortment of merchandise principally including domestics merchandise and home
furnishings as well as food, giftware, health and beauty care items and infant
and toddler merchandise. Shares of Bed Bath & Beyond Inc. are traded on
NASDAQ under the symbol "BBBY" and are included in the Standard and Poor's 500
and Global 1200 Indices and the NASDAQ-100 Index. The Company is counted
among the Fortune 500 and the Forbes 2000.
This press release may contain forward-looking statements. Many of these
forward-looking statements can be identified by use of words such as may,
will, expect, anticipate, estimate, assume, continue, project, plan, and
similar words and phrases. The Company's actual results and future financial
condition may differ materially from those expressed in any such
forward-looking statements as a result of many factors that may be outside the
Company's control. Such factors include, without limitation: general economic
conditions including the housing market and fuel costs; changes in the
retailing environment and consumer preferences and spending habits;
demographics and other macroeconomic factors that may impact the level of
spending for the types of merchandise sold by the Company; unusual weather
patterns; competition from existing and potential competitors; competition
from other channels of distribution; pricing pressures; the cost of labor,
merchandise and other costs and expenses; the ability to find suitable
locations at acceptable occupancy costs to support the Company's expansion
program; the impact of failed auctions for auction rate securities held by the
Company; and matters arising out of or related to the Company's stock option
grants and procedures and related matters, including the outcome of the
informal inquiry commenced by the SEC, the possibility that the SEC may not
agree with all of the special committee's findings and recommendations and may
require additional or different remediation, any other proceedings which may
be brought against the Company by the SEC or other governmental agencies, any
tax implications relating to the Company's stock option grants, the outcome of
a shareholder derivative action filed against certain of the Company's
officers and directors and related matters, and the possibility of other
private litigation relating to such stock option grants and related matters.
SOURCE Bed Bath & Beyond Inc.
INVESTOR CONTACTS - Ronald Curwin
Kenneth C. Frankel
both for Bed Bath & Beyond Inc.
Web site: http://www.bedbath.com