UNION, N.J.–Bed Bath & Beyond’s net earnings fell to $76.8 million from $104.6 million for the first quarter ended May 31.
Net sales rose 6.1 percent to $1.648 billion. Comparable-store sales inched up 0.8 percent.
“We continue to take a long-term approach to our business and work to continue to distance ourselves from our competitors by striving to be our customers’ first choice for the products we offer domestically, interactively and over the long term, internationally,” Steven Temares, chief executive officer, said in a statement. “Consistent with this, following our successful entry into Canada in December and the announcement of our expansion plans there, we were very pleased to have announced in May the formation of a joint venture with Home & More, S.A. de C.V., a privately held home products retailer operating two stores in Mexico. We are excited to be entering Mexico with the strong management team of Home & More as our partners.”