Bed Bath & Beyond finishes strong
Casual Living Staff -- Casual Living, April 11, 2013
Union, N.J. - Increased coupon redemptions and a shift to lower margin products took a nip out of Bed Bath & Beyond gross profit during the quarter, but the retailer still turned in a solid performance.
Net earnings for the quarter ended March 2 rose 14% to $1.68 per share, with net income of $373.9 million. Sales jumped 24.5% to $3.4 billion. Comps rose 2.5% on top of a 6.8% increase in the year-ago quarter.
For the full fiscal year, net income rose 4.9% to $1.038 billion, or $4.56 per share. Sales climbed 14.9% to $10.9 billion. The addition of World Market and Linens Holdings, both acquired by Bed Bath & Beyond last year, accounted for about 58% of the increase, the company said. Comps were up 2.7%.