Bed Bath & Beyond earnings rise 13.5%
-- Home Textiles Today, 6/25/2009 1:14:00 PM
Union, N.J. – Boosted by cost-cutting, Bed Bath & Beyond late yesterday reported earnings of $87.2 million, or 34 cents per share, up 13.5% from last year’s first quarter.
Sales rose 2.8% to $1.69 billion, with comps declining 1.6% during the period ended May 30.
As is usually the case, executives were brief in their remarks to analysts. The company cut expenses in payroll, advertising and other controllable costs to lower selling, general and administrative expenses. Despite heavier couponing and a shift toward lower-margin merchandise sold, Bed Bath & Beyond pushed operating margin up by 120 basis points.
The company does not expect the overall business climate to improve in the near term, according to Eugene Castagna, chief financial officer and treasurer.
He called estimates for Bed Bath & Beyond to generate earnings per share of 43 cents in the second quarter and $1.59 for the full year “reasonable.”
The company expects to open a total of 35 new Bed Bath & Beyond stores in U.S. and Canada, seven Christmas Tree Shoppes, 12 Bye-Bye Baby units and three Harmon’s stores during the year.
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