Bed Bath & Beyond Surges on Earnings Beat
NEW YORK (TheStreet) - Bed Bath & Beyond
The Union, N.J.-based company net income of $249.3 million, or $1.16 a share, rose 18.4% from the year-ago period. Net sales for the quarter, which ended August 31, rose 8.9%, to $2.82 billion.
Analysts, according to Thomson Reuters, expected the company to increase earnings by 17% to $1.15 a share. Revenue was expected to rise by 8% to $2.81 billion.
Bed Bath & Beyond's comparable store sales in the quarter increased by 3.7%, compared with an increase of approximately 3.5% in 2012's fiscal second quarter.
The company maintained its earnings guidance for the third quarter of $1.11 to $1.16 a share. However it raised full-year earnings guidance slightly to a range of $4.88 to $5.01 a share.
-- Written by Laurie Kulikowski in New York.