Net Income Up At Bed Bath & Beyond
Bed Bath & Beyond, a home goods retailer, on Wednesday said its quarterly profit rose due to strong sales of households goods and sales gains at Christmas Tree shops.
But third-quarter earnings came in 2 cents below consensus estimates, according to Thomson Financial. Net income rose to $142.4 million, or 50 cents a share, from $134.6 million, or 45 cents a share during the year-earlier period. Analysts were looking for 52 cents a share in profits.
Revenues came in as expected -- with an 11.8% increase to $1.62 billion from $1.45 billlion in last year's third quarter.
Bed Bath & Beyond said sales at stores open at least a year, a key retail measure known as same-store sales, rose 4.6% during the quarter, compared with a 3.1% gain last year.