Good day, and welcome to Bed Bath & Beyond's Fiscal 2011 Results Conference Call. [Operator Instructions] This call is being recorded. A rebroadcast of the conference will be available beginning on Wednesday, April 4 at 6:30 p.m. Eastern Time through 6:30 Eastern Time on Friday, April 6. To access the rebroadcast, you may dial (888) 203-1112 with the passcode of 8034583. Now at this time, I'd like to turn the conference over to Mr. Gene Castagna, Chief Financial Officer and Treasurer of Bed Bath & Beyond. Please go ahead.

Thank you, and good afternoon. Welcome to Bed Bath & Beyond's Fourth Quarter of Fiscal 2011 Conference Call. Within the past hour, we issued a press release announcing Bed Bath & Beyond's results for the 3- and 12-month periods ended February 25, 2012. During this call, we will comment on some of the fourth quarter and full year highlights and provide our fiscal 2012 planning assumptions. Before proceeding, I will read the following statement and I quote, "Bed Bath & Beyond's fiscal fourth quarter press release and comments made during this call may contain forward-looking statements within the meaning of Section 21E of the Securities & Exchange Act of 1934 as amended. Many of these forward-looking statements can be identified by the 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. Please refer to Bed Bath & Beyond's SEC filings, including its Form 10-K for the year ended February 26, 2011. The company does not undertake any obligation to update its forward-looking statements." Joining me on today's call are Warren Eisenberg, Co-Chairman of Bed Bath & Beyond; and Steven Temares, Chief Executive Officer and Member of the Board of Directors. I'm now very pleased to introduce Warren Eisenberg. Warren?

Thanks, Gene. Good afternoon. I'm pleased to report that our company's net earnings per diluted share increased approximately 32% in both the fiscal fourth quarter and the full year to approximately $1.48 and $4.06, respectively. We're pleased that we have been able to continue our strong performance in terms of earnings growth, cash flow generation and overall financial strength as we constantly challenge ourselves to improve in every aspect of our operation. Our unique decentralized corporate culture continues to produce positive results, and we remain confident that our business will continue to grow successfully in the years ahead. Our entire organization is dedicated to providing our customers with the best possible shopping experience. During the fourth quarter, we opened 3 buybuy BABY stores, bringing the total number of stores opened in fiscal 2011 to 38 stores across all our concepts, as well as relocated 3 Bed Bath & Beyond stores and closed one Harmon store. Consolidated store space at February 25, 2012, is approximately 36.1 million square feet, an increase of approximately 3% over the end of last year's fourth quarter. Since the beginning of the fiscal first quarter of 2012, we've opened 2 additional Bed Bath & Beyond stores. Including these stores, we currently operate 1,175 stores, consisting of 995 Bed Bath & Beyond stores in all 50 states, the District of Columbia, Puerto Rico and Canada; 71 Christmas Tree Shop stores; 64 buybuy BABY stores and 45 stores under the names Harmon or Harmon Face Values. In addition, we're a partner in a joint venture which operates 2 stores in the Mexico City market under the name Home & More. During fiscal 2012, including the 2 additional stores we've opened to date, we anticipate opening a total of approximately 40 stores across all our concepts. Currently, we believe…

Thank you, Warren. Good afternoon, everyone, and thank you for participating in this conference call. As Warren said, we are pleased that we have been able to continue our strong performance in terms of earnings growth, cash flow generation and overall financial strength. We believe the dedication and talents of our associates and their constant focus on improving the overall customer shopping experience, while at the same time creating a more productive and efficient company, are the keys to producing the continued strong results we have experienced. While consumer confidence and spending continues to be impacted by the continuing economic challenges, our fundamental business strategy remains unchanged: to offer a broad assortment of merchandise at everyday low prices with superior customer service. As always, we will continue to invest in all aspects of our company and work to enhance our customer's overall experience in store, online and through social media and mobile devices. We remain committed to being our customer's first choice for the merchandise categories we offer domestically, interactively and over the longer term, internationally. We are confident that our company is well positioned to grow profitably, compete for and increase our market share and over the long term, continue to grow shareholder value. And taking this long-term approach to the growth and development of our business and through the ongoing efforts to cross-merchandise and leverage our best practices throughout our organization, we expect, over time, to do more for and with our customers. As we previously announced, we're in the process of relocating our offices in Farmingdale and Garden City, New York to our corporate headquarters here in Union, New Jersey. This transition is being made to further improve the communication, coordination and execution across all our concepts, activities and platforms and to support the continuing growth of…

Thanks, Steve. As you heard from Warren and Steve, we earned $1.48 per diluted share in our fiscal fourth quarter and $4.06 per diluted share for all of fiscal 2011. We were encouraged by our positive fiscal fourth quarter results and continue to be cautiously optimistic about the coming year. Our planning assumptions for fiscal 2012 which began on February 26, 2012, and which will be 53 weeks, include the following: One, we anticipate opening a total of approximately 40 stores across all of our concepts. Currently, we believe that fiscal 2012's mix of store openings by concept will be relatively comparable to fiscal 2011. As the year progresses, the total number of stores that we will open will be updated as we gain greater visibility. We also will continue to place Harmon Face Values health and beauty care offerings in selected stores across all our concepts. As always, we remain flexible to take advantage of real estate opportunities that may arise. Two, we expect to continue our program of relocating, remodeling, renovating and expanding a number of our stores in fiscal 2012. Three, capital expenditures for fiscal 2012 are planned to be in the range of $275 million to $325 million which, of course, remains subject to the timing and composition of the projects, including new stores and existing store refurbishments, information technology enhancements and other projects important to our future, including the following major initiatives: the development of an enhanced website experience for our customers; the opening of a new 800,000 square-foot e-commerce fulfillment center in Pendergrass, Georgia; the relocation of our Farmingdale and Garden City, New York offices to our corporate headquarters in Union, New Jersey, and the initial phase of a new IT data center to support our ongoing technology initiatives. Currently, we estimate the incremental…

Ladies and gentlemen, this concludes today's conference call. We thank you for your participation. You may now disconnect.