UNION, N.J., June 14, 2016 /PRNewswire/ -- Bed Bath &
Beyond Inc. (NASDAQ: BBBY) today announced an all cash purchase of One Kings Lane, Inc., an authority in home décor and design
that offers a unique collection of select home goods, designer and vintage items. One Kings Lane
works directly with home furnishings brands, vintage dealers, designers and tastemakers to offer a curated merchandise
assortment. Additionally, they deliver design inspiration and expert style advice. They also offer complimentary interior design
services at its two design studios located in San Francisco and New
York.
"We have followed One Kings Lane and loved its site since its inception, and we are thrilled
for the opportunity to provide them with additional support and exposure to promote and grow their brand," noted Steven H. Temares, Chief Executive Officer and Member of the Board of Directors of Bed Bath & Beyond
Inc. "At the same time, One Kings Lane will serve as a cornerstone for Bed Bath &
Beyond's growing offerings in furniture and home décor, and together we will be able to do even more for and with our collective
customers wherever, whenever and however they wish to interact with us, and to further our mission to be viewed as the expert for
the home."
"We are excited to be part of the Bed Bath & Beyond family," stated Dinesh Lathi, Chief Executive Officer of One Kings
Lane. "This is a tremendous opportunity for our customers, as well as our employees and business partners, to benefit from
additional support and resources and gain exposure to new customers. We look forward to being able to continue to differentiate
our product offerings and refine our point of view to further delight our current and future customers."
The purchase of One Kings Lane, Inc. did not affect Bed Bath & Beyond Inc.'s fiscal 2016 first quarter ended on
May 28, 2016, as the transaction occurred during the fiscal 2016 second quarter. The purchase price
was not material to Bed Bath & Beyond Inc., and the Company expects this transaction to be slightly dilutive to its net
earnings per diluted share for fiscal 2016, after transaction and integration costs.
Bed Bath & Beyond Inc. is scheduled to release its fiscal 2016 first quarter financial results after market close on
Wednesday, June 22, 2016, followed by a conference call with analysts and investors at 5:00 pm (ET) that day. The conference call may be accessed by dialing 1-888-771-4371, or if international,
847-585-4405, using conference ID number 42747608. The replay of the call can be accessed by dialing 1-888-843-7419, using
conference ID number 42747608. The call and replay can also be accessed via audio webcast on the investor relations section
of our website at www.bedbathandbeyond.com.
About the Company
Bed Bath & Beyond Inc. and subsidiaries (the "Company") is a retailer selling a wide assortment of domestics merchandise
and home furnishings which operates under the names Bed Bath & Beyond, Christmas Tree Shops, Christmas Tree Shops andThat! or
andThat!, Harmon or Harmon Face Values, buybuy BABY and World Market, Cost Plus World Market or Cost Plus. Customers can purchase
products from the Company either in-store, online, with a mobile device or through a contact center. The Company generally has
the ability to have customer purchases picked up in-store or shipped direct to the customer from the Company's distribution
facilities, stores or vendors. In addition, the Company operates Of a Kind, an e-commerce website that features specially
commissioned, limited edition items from emerging fashion and home designers, and One Kings Lane,
an authority in home décor and design that offers a unique collection of select home goods, designer and vintage items. The
Company also operates Linen Holdings, a provider of a variety of textile products, amenities and other goods to institutional
customers in the hospitality, cruise line, healthcare and other industries. Additionally, the Company is a partner in a
joint venture which operates retail stores in Mexico under the name Bed Bath & Beyond.
The Company operates websites at bedbathandbeyond.com, worldmarket.com, buybuybaby.com, christmastreeshops.com,
harmondiscount.com, ofakind.com and onekingslane.com. As of February 27, 2016, the Company
had a total of 1,530 stores, including 1,020 Bed Bath & Beyond stores in all 50 states, the District of Columbia, Puerto Rico and Canada, 276 stores under the names of World Market, Cost Plus World Market or Cost Plus, 105 buybuy BABY
stores, 78 stores under the names Christmas Tree Shops, Christmas Tree Shops andThat! or andThat!, and 51 stores under the names
Harmon or Harmon Face Values. In addition, the Company is a partner in a joint venture which operates seven stores in
Mexico under the name Bed Bath & Beyond.
Forward-Looking Statements
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, approximate, estimate, assume, continue, model, 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. Such factors include, without limitation: general economic
conditions including the housing market, a challenging overall macroeconomic environment and related changes in the retailing
environment; consumer preferences, spending habits and adoption of new technologies; demographics and other macroeconomic factors
that may impact the level of spending for the types of merchandise sold by the Company; civil disturbances and terrorist acts;
unusual weather patterns and natural disasters; competition from existing and potential competitors; competition from other
channels of distribution; pricing pressures; liquidity; the ability to attract and retain qualified employees in all areas of the
organization; the cost of labor, merchandise and other costs and expenses; potential supply chain disruption due to political
instability, labor disturbances, product recalls, financial or operational instability of suppliers or carriers, and other items;
the ability to find suitable locations at acceptable occupancy costs and other terms to support the Company's plans for new
stores; the ability to assess and implement technologies in support of the Company's development of its omnichannel capabilities;
the ability to establish and profitably maintain the appropriate mix of digital and physical presence in the markets it serves;
uncertainty in financial markets; disruptions to the Company's information technology systems including but not limited to
security breaches of systems protecting consumer and employee information; reputational risk arising from challenges to the
Company's or a third party supplier's compliance with various laws, regulations or standards, including those related to labor,
health, safety, privacy or the environment; reputational risk arising from third-party merchandise or service vendor performance
in direct home delivery or assembly of product for customers; changes to statutory, regulatory and legal requirements; new, or
developments in existing, litigation, claims or assessments; changes to, or new, tax laws or interpretation of existing tax laws;
changes to, or new, accounting standards; foreign currency exchange rate fluctuations; and the integration of acquired
businesses. The Company does not undertake any obligation to update its forward-looking statements.
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SOURCE Bed Bath & Beyond Inc.