Bed Bath & Beyond Earnings Rise to 79 Cents a Share on Higher Sales

Home furnishings retailer Bed Bath & Beyond said Wednesday its quarterly profit rose 4% on higher sales at established stores.

Fourth-quarter net income totaled $205.8 million, or 72 cents a share, compared with $197.9 million, or 67 cents a share a year earlier.

Quarterly sales increased to about $1.9 billion from $1.69 billion a year ago.

Sales at stores open at least a year, a key retail measure known as same-store sales, were up 5.2% during the quarter, versus a 6.3% gain a year earlier.

Analysts, on average, expected the Union, New Jersey-based retailer to earn 78 cents a share for the quarter, according to Reuters Estimates.

Excluding special items, it said it earned 79 cents a share for the quarter.

Bed Bath & Beyond has been a lone bright spot in a bleak home furnishings sector that has stumbled in the wake of a cool U.S. housing market and intense competition from discounters
like Target and Wal-Mart Stores .

Rival Pier 1 Imports has endured more than a year of declining same-store sales and has posted seven consecutive quarterly losses.

Last month, Williams-Sonoma posted a higher profit due to cost-cutting measures and increased promotional activity, but issued a disappointing first-quarter earnings forecast, citing sectorwide pressures.



Contact U.S. News


    Get the best of CNBC in your inbox

    › Learn More

Don't Miss

U.S. Video

  • House Oversight and Government Reform Committee chairman, Rep. Darrell Issa, (R- Calif.), discusses if Congress will reauthorize the Ex-Im Bank. Issa says regulating and making the Ex-Im Bank honest transparent will help promote the banks confidence.

  • Recently Chipotle stock has soared while Panera has flattened out. Nick Setyan, Wedbush Securities, and Robert Derrington, Wunderlich Securities, discuss what Chipotle is doing right and Panera is doing wrong.

  • Cynthia Silver, Century 21 Martinez & Associates; Patricia Delinois, Century 21 Premier Elite Realty; and Jo Gipson, Atlanta Intown Real Estate, discuss if the slowdown in housing is a bad thing or if it could spur sales.