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Bed Bath & Beyond posts near stable net earnings in Q2FY15
26
Sep '14
US home furnishings retailer - Bed Bath & Beyond Inc. reported near stable net earnings, while sales rose 4.3% year-on-year in the second fiscal quarter ending August 30, 2014.

The retailer clocked net earnings of $1.17 per diluted share or $224.0 million in the second quarter of 2014, compared with $1.16 per diluted share or $249.3 million in the second quarter of 2013.

Net sales for the quarter under review totalled $2.945 billion, up 4.3% from $2.824 billion, it reported in the second quarter of 2013. Comparable sales rose 3.4% from the prior year quarter.

During the second quarter of 2014, the company repurchased approximately $1.0 billion of its common stock, representing approximately 16.9 million shares.

As of August 30, 2014, the remaining balance of the new $2.0 billion share repurchase program authorized in July 2014 was approximately $1.8 billion.

In its outlook for the third fiscal quarter of 2014, Bed Bath & Beyond expects net earnings per diluted share to be approximately $1.17 to $1.21.

It also forecast net earnings per diluted share to be between $1.78 to $1.83 for the fourth fiscal quarter of 2014, and approximately $5.00 to $5.08 for the fiscal full year.

The retailer clarified that the timing and amount of its share repurchases impacts the quarterly and full year diluted weighted average shares. (AR)

Fibre2fashion News Desk - India

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