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Quarterly Comparable Store sales up at Bed Bath & Beyond
22
Sep '11
Bed Bath & Beyond Inc reported net earnings of $.93 per diluted share ($229.4 million) in the fiscal second quarter ended August 27, 2011, an increase of approximately 33% versus net earnings of $.70 per diluted share ($181.8 million) in the same quarter a year ago.

Net sales for the fiscal second quarter of 2011 were approximately $2.314 billion, an increase of approximately 8.3% from net sales of approximately $2.137 billion reported in the fiscal second quarter of 2010. Comparable store sales in the fiscal second quarter of 2011 increased by approximately 5.6%, compared with an increase of approximately 7.4% in last year's fiscal second quarter.

During the fiscal second quarter of 2011, the Company repurchased approximately $287 million of its common stock representing approximately 5.2 million shares. As of August 27, 2011, the remaining balance of the current share repurchase program authorized in December 2010 was approximately $1.6 billion.

For the fiscal first half ended August 27, 2011, the Company reported net earnings of $1.65 per diluted share ($410.0 million), an increase of approximately 35% over net earnings of $1.22 per diluted share ($319.3 million) in the corresponding period a year ago. Net sales for the fiscal first half of 2011 were approximately $4.424 billion, an increase of approximately 9.0% from net sales of approximately $4.060 billion in the corresponding period a year ago. Comparable store sales for the fiscal first half of 2011 increased by approximately 6.3%, compared with an increase of approximately 7.9% in last year's fiscal first half.

The Company is now modeling net earnings per diluted share to be approximately $.82 to $.87 for the fiscal third quarter of 2011 and to increase by approximately 22% to 25% for all of fiscal 2011.

As of August 27, 2011, the Company had a total of 1,155 stores, including 986 Bed Bath & Beyond stores in all 50 states, the District of Columbia, Puerto Rico and Canada, 70 Christmas Tree Shops stores, 54 buybuy BABY stores and 45 stores under the names of Harmon or Harmon Face Values. During the fiscal second quarter, the Company opened three Bed Bath & Beyond stores, seven buybuy BABY stores and four Christmas Tree Shops stores and closed one Bed Bath & Beyond store.

Consolidated store space as of August 27, 2011 was approximately 35.6 million square feet. Since the beginning of the third quarter of fiscal 2011 on August 28, 2011, an additional three Bed Bath & Beyond stores and two buybuy BABY stores have been opened. In addition, the Company is a partner in a joint venture which operates two stores in the Mexico City market under the name "Home & More."

Bed Bath & Beyond Inc. and subsidiaries is a chain of retail stores, operating under the names of Bed Bath & Beyond, Christmas Tree Shops, Harmon, Harmon Face Values and buybuy BABY. In addition, the Company is a partner in a joint venture which operates retail stores in Mexico under the name "Home & More."

The Company sells a wide assortment of domestics merchandise and home furnishings. Domestics merchandise includes categories such as bed linens and related items, bath items and kitchen textiles. Home furnishings include categories such as kitchen and tabletop items, fine tabletop, basic housewares, general home furnishings, consumables and certain juvenile products.

Bed Bath & Beyond Inc

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