Welcome to Bed Bath & Beyond's fourth quarter of fiscal 2014 earnings conference call. [Operator instructions.] At this time, it is my pleasure to turn the conference over to Janet Barth, Vice President, Investor Relations. Please go ahead.

Thank you, operator, and good afternoon, everyone. With me on the call to review our fourth quarter and year end fiscal 2014 results are Steven Temares, Bed Bath & Beyond’s Chief Executive Officer, and Susan Lattmann, Chief Financial Officer and Treasurer. Before we begin, I’d like to remind you that this conference call may contain forward-looking statements including statements about, or references to, our internal models and our long-term objectives. All such statements are subject to risks and uncertainties that could cause actual results to differ materially from what we say during the call today. Please refer to our most recent periodic SEC filings for more detail on these risks and uncertainties. The company undertakes no obligation to update or revise any forward-looking statements as events or circumstances may change after this call. Our earnings press release dated April 8, 2015, can be found in the investor relations section of our website at www.bedbathandbeyond.com. Here are some highlights. Fourth quarter net earnings per diluted share were $1.80, an increase of approximately 12.5% over the prior year period. Net sales for the quarter were $3.3 billion, an increase of approximately 4.2%. Quarterly comparable sales increased by approximately 3.7% or 3.9% on a constant currency basis. Fiscal 2014 net earnings per diluted share were $5.07. Full year net sales increased approximately 3.3% to $11.9 billion, and comparable sales for the full year increased approximately 2.4%. Sue will discuss our quarterly financial results in more detail later in the call. As we reflected on this past fiscal year, we delivered solid financial results and also continued to deliver on our objective to do more for and with our customers, wherever, whenever, and however they want to interact with us. Across our concepts, we believe that we produced meaningful enhancements to our omnichannel retail shopping experience this year by increasing and improving our use of emerging technologies to better understand and engage with our customers as they express their life interests and travel through various life stages, as well as by significantly expanding and differentiating our merchandise assortments, both in store and online. Our customer-centric mission is what drives us to improve, innovate, and ultimately prosper in this ever-evolving retail industry. Let me now turn the call over to Steven.

Thank you, Janet, and good afternoon to everyone. I’d like to start by reviewing our sales and earnings for the fiscal fourth quarter. Then I’d like to take a few minutes to review our operations and the key strategies driving our mission to continue to do more for and with our customers. As Janet mentioned, for fiscal 2014, we were able to deliver solid financial results, including growth in both net sales and net earnings per diluted share. We continued to enhance shareholder value by returning more than $2.2 billion to our shareholders through share repurchase, while also making strategic investments to improve our omnichannel capabilities. We ended fiscal 2014 with our operations and finances in good shape, and we believe we are extremely well-positioned for long term success in an ever-evolving retail environment. As Janet also mentioned, and as Sue will discuss in more detail, net earnings per diluted share in the fiscal 2014 fourth quarter were $1.80, a 12.5% increase over the fourth quarter of last year. Our net sales grew approximately 4.2% in the fiscal fourth quarter and comparable sales, which include sales transactions consummated through all of our retail channels, including in store, online, and through a mobile device, increased approximately 3.7% in the fourth quarter. This includes an unfavorable impact of about 20 basis points on comp sales due to the atypical fluctuations in the foreign exchange rate related to our Canadian operations. We would like to note that when we spoke to you back on January 8, we were pleased with our holiday sales performance, and our actual results for the fourth quarter remained well within the range of our model for sales and comparable sales until the latter part of February, when the adverse weather conditions worsened in many parts of the United…

Thank you, Steven. Beginning with some fourth quarter financial highlights, net sales for the fiscal fourth quarter were approximately $3.3 billion, approximately 4.2% higher than net sales in the prior year period. Of this increase, approximately 86% was attributable to the increase in comp sales and the remainder was primarily from new stores. To reiterate what Steven said earlier, even after considering the impact from Canadian currency fluctuations, disruptive weather, and the West Coast port slowdown, it was a good quarter, with a comparable sales increase of approximately 3.7%. If not for these factors, we would have been comfortably within our model comp sales range of 4% to 5%. Our 3.7% increase in comp for the quarter was attributable to increases in both the average transaction amount and the number of transactions. Gross profit for the fiscal fourth quarter was approximately 39.7% of net sales, compared to approximately 40.5% of net sales in the corresponding period a year ago. The primary factor contributing to this decrease was an increase in coupon expense due to an increase in redemptions, partially offset by a slight decrease in the average coupon amount. Also contributing to this decrease are increases in net direct to customer shipping expense, markdowns, and shrink. As a reminder, the one-year anniversary of bedbathandbeyond.com’s $49 free shipping threshold was in February 2015. Selling, general, and administrative expenses for the fourth quarter were approximately 23.8% of net sales, as compared to 24% of net sales in the prior year period. This decrease in SG&A as a percentage of net sales was primarily attributable to a relative decrease in occupancy expenses. Reflecting the movements in gross profit margin and SG&A expenses, the fourth quarter operating profit margins of 15.9% was approximately 50 basis points lower when compared with the same period last…

Thank you, Sue. As I told you earlier, and as Sue just said, this is an exciting time in retail, and an exciting time at Bed Bath & Beyond. As an omnichannel retailer, we believe in and are committed to making the necessary investments to keep pace with the rapid advancements in technology that are shaping the retail landscape and driving consumer behavior and expectations. We recognize that the capital investments we are making and the incremental expenses related to them are increasing our technology costs and depreciation as well as other expenses. We are confident that we are making the appropriate investments to position our company for long term profitable growth and to further enhance shareholder value. In closing, I would like to thank our more than 60,000 dedicated associates for a terrific 2014 and for all of their efforts, which drive our company’s success. Throughout Bed Bath & Beyond, we remain focused and disciplined to always take care of our customer. This has been our mission for the past 44 years, and it continues to be the foundation for all of our efforts. Our objective is to continue to do more for and with our customers, wherever, whenever, and however they wish to interact with us. Thank you for listening today, and for your continued interest in Bed Bath & Beyond. Sue, Janet, and Ken Frankel will be here tonight to answer any questions you may have.

[No Q&A for this event]