Bed Bath and Beyond reports increased net earnings

Home Textiles Today Staff -- Home Textiles Today, 9/21/2011 4:37:45 PM

Union, N.J. - Bed Bath & Beyond Inc. saw its net earnings, sales and comps all climb over its second quarter.

Net earnings jumped 33% to $229.4 million, or 93 cents per diluted share, in the fiscal second quarter ended Aug. 27, compared to the year-ago period's $181.8 million, or 70 cents per diluted share.

Net sales increased 8.3% to $2.314 billion from $2.137 billion in the 2010 same period, and comparable store sales grew 5.6%.

Year-to-date results included: a 35% increase in net earnings to $410.0 million, or $1.65 per diluted share, versus $319.3 million, or $1.22 per diluted share in the corresponding period a year ago; a 9.0% rise in net sales to $4.424 billion compared to $4.060 billion; and comp gains of 6.3%.

The company is now modeling net earnings per diluted share to be approximately 82 cents to 87 cents for the fiscal third quarter of 2011 and to increase by approximately 22% to 25% for all of fiscal 2011.

The company ended the quarter with 1,155 stores, including: 986 Bed Bath & Beyond stores in all 50 states, the District of Columbia, Puerto Rico and Canada; 70 Christmas Tree Shops stores; 54 buybuy Baby stores; and 45 stores under the names of Harmon or Harmon Face Values.

Since the beginning of the third quarter, which stated Aug. 28, an additional three Bed Bath & Beyond stores and two buybuy BABY units have been opened.