Bed Bath & Beyond Earns 67 Cents a Share

Hey Linens ‘n Things, STFU!

Home goods retailer Bed Bath & Beyond Inc. on Wednesday reported a 9 percent rise in quarterly earnings, beating both its own and Wall Street’s expectations, due in part to strong sales at established stores.
The company’s stock rose more than 5 percent in after-hours trade following the announcement.
Net income for the fourth quarter ended February 25 rose to $197.9 million, or 67 cents per share, from $181 million, or 59 cents per share, a year ago.
Wall Street analysts had expected the company to report earnings of between 64 cents and 67 cents per share with an average view of 65 cents per share, according to Reuters Estimates.
Bed Bath & Beyond in December forecast fourth-quarter earnings of 64 cents a share.
Sales for the quarter rose 14.8 percent to $1.69 billion. Analysts had been expecting sales of $1.637 billion, according to Reuters Estimates. Sales at stores open at least a year, a key retail measure known as same-store sales, rose 6.3 percent.
Bed Bath & Beyond shares were up $1.93, or over 5 percent, at $40.25 on the Inet electronic brokerage. The stock closed at $38.32 on Nasdaq.

Up to $40.37 after-hours.

Posted by on April 5th, 2006 at 4:21 pm


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