Bed Bath & Beyond Inc., the largest
U.S. housewares retailer, said first-quarter earnings climbed 43
percent as the company opened more stores and consumers snapped
up merchandise such as wine glasses and bathroom scales.
Net income beat analysts’ estimates, rising to $82 million
or 27 cents a share, from $57.5 million, or 19 cents, a year
earlier. Sales in the three months ended May 29 increased 23
percent to $1.1 billion from $893.9 million, the Union, N.J., retailer said in a statement.
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Chief Executive Steven Temares opened 17 stores during the
quarter, more than twice the number the company added in the year-
earlier quarter. It plans to open as many as 90 locations this
fiscal year, which ends in February. Sales at Bed Bath & Beyond
stores open at least a year rose 5.1 percent from a year earlier
as shoppers bought more blenders and other kitchen gadgets.
Sales also benefited from the acquisition of Christmas Tree
Shops, a chain with 24 locations that Bed, Bath & Beyond bought a
year ago for $194 million. The retailer has 592 Bed Bath & Beyond
stores.
The company was expected to earn 25 cents, the average
estimate of 21 analysts surveyed by Thomson Financial.
Shares of Bed Bath & Beyond rose 57 cents to $37.63 at 4
p.m. New York time in Nasdaq Stock Market composite trading.
They’ve fallen 13 percent in the past year. Results were released
after the close of regular U.S. trading.
Gross profit, or sales minus the cost of goods sold, widened
to 41.5 percent of sales from 41.1 percent a year earlier.
Selling, general and administrative expenses declined to 29.8
percent of sales from 31 percent.
Same-store sales are a key retail indicator because they
exclude results from new and closed locations.
Bloomberg News
