UNION, N.J.–Net income for Bed Bath & Beyond finished the second quarter up 13.7 percent over the second quarter of a year ago, at $135.5 million.
The retailer accomplished this based on a net sales increase of 3.3 percent, to $1.9 billion, and a reduction in selling, general and administrative expenses of nearly 1 percent. Same-store sales slipped by 0.6 percent in the quarter. Operating profit jumped by 18.5 percent, while gross profit rose by nearly 5 percent.
During the second quarter, the company opened nine Bed Bath & Beyond stores, three buybuy Baby stores and one Harmon Face Values store, while closing one Bed Bath & Beyond location.
On Aug. 30, the company’s store count totaled 1,062, including 946 Bed Bath & Beyonds, 53 Christmas Tree Shops, 22 buybuy Babys and 41 stores named either Harmon or Harmon Face Values.