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Quarterly comparable store sales up at Bed Bath & Beyond

22
Dec '11
Bed Bath & Beyond Inc. reported net earnings of $.95 per diluted share ($228.5 million) in the fiscal third quarter ended November 26, 2011, an increase of approximately 28% versus net earnings of $.74 per diluted share ($188.6 million) in the same quarter a year ago.

Net sales for the fiscal third quarter of 2011 were approximately $2.344 billion, an increase of approximately 6.8% from net sales of approximately $2.194 billion reported in the fiscal third quarter of 2010. Comparable store sales in the fiscal third quarter of 2011 increased by approximately 4.1%, compared with an increase of approximately 7.0% in last year's fiscal third quarter.

During the fiscal third quarter of 2011, the Company repurchased approximately $328 million of its common stock representing approximately 5.6 million shares. As of November 26, 2011, the remaining balance of the current share repurchase program authorized in December 2010 was approximately $1.3 billion.

For the fiscal nine months ended November 26, 2011, the Company reported net earnings of $2.60 per diluted share ($638.5 million), an increase of approximately 33% over net earnings of $1.95 per diluted share ($507.9 million) in the corresponding period a year ago.

Net sales for the fiscal nine months of 2011 were approximately $6.768 billion, an increase of approximately 8.2% from net sales of approximately $6.254 billion in the corresponding period a year ago. Comparable store sales for the fiscal nine months of 2011 increased by approximately 5.5%, compared with an increase of approximately 7.6% in last year's fiscal nine months.

The Company is now modeling net earnings per diluted share to be approximately $1.28 to $1.33 for the fiscal fourth quarter of 2011 and approximately $3.86 to $3.92 for all of fiscal 2011.

As of November 26, 2011, the Company had a total of 1,171 stores, including 993 Bed Bath & Beyond stores in all 50 states, the District of Columbia, Puerto Rico and Canada, 71 Christmas Tree Shops stores, 61 buybuy BABY stores and 46 stores under the names of Harmon or Harmon Face Values.

During the fiscal third quarter, the Company opened seven Bed Bath & Beyond stores, seven buybuy BABY stores, one Christmas Tree Shops store and one Harmon Face Values store. Consolidated store space as of November 26, 2011 was approximately 36.0 million square feet.

Since the beginning of the fourth quarter of fiscal 2011 on November 27, 2011, the Company has opened one buybuy BABY store and closed one Harmon store. 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


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