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Bed Bath & Beyond quarterly net sales up
07
Apr '11
Bed Bath & Beyond Inc reported net earnings of $1.12 per diluted share ($283.5 million) in the fiscal fourth quarter ended February 26, 2011, an increase of approximately 30% versus net earnings of $.86 per diluted share ($226.0 million) in the same quarter a year ago.

Net sales for the fiscal fourth quarter of 2010 were approximately $2.505 billion, an increase of approximately 11.6% from net sales of approximately $2.244 billion reported in the fiscal fourth quarter of 2009. Comparable store sales in the fiscal fourth quarter of 2010 increased by approximately 8.5%, compared with an increase of approximately 11.5% in last year's fiscal fourth quarter.

During the fiscal fourth quarter of 2010, the Company repurchased approximately $199 million of its common stock representing approximately 4.1 million shares.

For the fiscal year ended February 26, 2011, the Company reported net earnings of $3.07 per diluted share ($791.3 million), an increase of approximately 33% over net earnings of $2.30 per diluted share ($600.0 million) a year ago. Net sales for fiscal 2010 were approximately $8.759 billion, an increase of approximately 11.9% from net sales of approximately $7.829 billion in the prior fiscal year. Comparable store sales for fiscal 2010 increased by approximately 7.8%, compared with an increase of approximately 4.4% last year.

For fiscal 2011, the Company is modeling net earnings per diluted share to be approximately $.58 to $.61 for the fiscal first quarter and to increase by approximately 10% to 15% for the full year.

As of February 26, 2011, the Company had a total of 1,139 stores, including 982 Bed Bath & Beyond stores in all 50 states, the District of Columbia, Puerto Rico and Canada, 66 Christmas Tree Shops stores, 45 buybuy BABY stores and 46 stores under the names of Harmon or Harmon Face Values. During the fiscal fourth quarter, the Company opened six Bed Bath & Beyond stores, five buybuy BABY stores and one Harmon Face Values store.

Consolidated store space as of February 26, 2011 was approximately 35.1 million square feet. Since the beginning of the first quarter of fiscal 2011 on February 27, 2011, two additional Bed Bath & Beyond 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."

Bed Bath & Beyond Inc

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