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 onMay 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 Mexicounder the name Bed Bath & Beyond.
