BBB posts high double-digit gains in net earnings in 3Q, year to date

Home Textiles Today Staff -- Home Textiles Today, 12/22/2011 2:49:25 PM

Union, N.J. - Bed Bath & Beyond Inc. on Wednesday night reported its third-quarter results, which were highlighted by a 28% increase in net earnings to $228.5 million, or 95 cents per diluted share, versus $118.6 million, or 74 cents per diluted share, in the year-ago period.

Also in the quarter, which ended Nov. 26, net sales grew 6.8% to $2.344 billion compared to last year's $2.194 billion, and comparable store sales were up 4.1%.

Year to date, the company reported a 33% jump in net earnings to $638.5 million, or $2.60 per diluted share, over $507.9 million, or $1.95 per diluted share.

Net sales in the first nine months of the fiscal year anted 8.2% to $6.768 billion from $6.254 billion a year ago, and comparable store sales increased by 5.5%.

BBB said that it is now modeling net earnings per diluted share to be approximately $1.28 to $1.33 for the fiscal fourth quarter of 2011 and approximately $3.86 to $3.92 for all of fiscal 2011.