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Net sales up 2.54% in FY15 at Bed Bath & Beyond
08
Apr '16
Bed Bath & Beyond, a US based home textiles and furnishings retailer, has reported a rise of 2.54 per cent to $12.1 billion in its net sales for fiscal 2015, ending on February 27, 2016 as compared to $11.8 billion in the previous fiscal, according to a press statement released by the retailer.

Net earnings reported by the retailer for fiscal 2015 stood at $841.48 million as compared to $957.47 million in fiscal 2014, ending on February 28, 2015, a fall of 12.11 per cent. Diluted earnings per share in FY15, however, stood at $5.10 as compared to $5.07 in the prior fiscal.

Commenting on the results, Steven Temares, CEO and member of the board of directors of Bed Bath & Beyond said, “Our fiscal 2015 financial performance reflects the benefit of the significant investments in our business, steady progress on our strategic initiatives and the return of more than $1.1 billion to our shareholders through share repurchase.”

During the fourth quarter of fiscal 2015, the retailer repurchased approximately $327 million of its common stock, representing approximately 7.0 million shares. The company completed its $2 billion share repurchase program and began repurchasing shares under its new $2.5 billion authorisation during the quarter.

In recognition of the retailer's strong cash flow generation and confidence in the business as well as to provide a more balanced approach to the returning value to shareholders, the board of directors authorised a quarterly dividend programme and declared an initial quarterly dividend of $.125 per share. (MCJ)

Fibre2Fashion News Desk

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