Bed Bath & Beyond Net Climbs 73 Percent in Third Quarter
UNION, N.J.-Net income for Bed Bath & Beyond totaled $151.3 million in the retailer's fiscal third quarter, up a strong 73 percent from its third quarter of last year.
The huge gain on the bottom line was powered by an 11 percent pickup in net sales for the quarter, which totaled nearly $2 billion and which included a 7.3 percent increase in same-store sales. The sales rise offset increases of 1.8 percent in selling, general and administrative expenses and 6.7 percent in cost of sales.
In its statement detailing the third-quarter results, Bed Bath & Beyond said it opened 16 Bed Bath & Beyond stores, seven buybuy BABY stores, four Christmas Tree Shops and one Harmon FaceValues store, along with closing one Bed Bath & Beyond location. As of Nov. 28, 2009, the company had a total of 1,083 stores under these nameplates, in 49 states, the District of Columbia, Puerto Rico and Canada.