UNION, N.J.-With sales continuing what has been a long-term climb, Bed Bath & Beyond improved fourth-quarter net income by 6.5 percent and fiscal-year net income by 4.9 percent.
For the quarter, which ended on March 2, Bed Bath brought in $373.9 million in profit, bringing its bottom-line total for the year to $1 billion. Fourth-quarter net sales jumped 24.5 percent to $3.4 billion, and gained 14.9 percent for the year, to $10.9 billion. Same-store sales edged up 2.5 percent in the quarter and 2.7 percent for the fiscal year.
Speaking in a conference call to retail analysts yesterday, Steven Temares, Bed Bath’s CEO, called 2012 a year of progress for the specialty retailer. Temares noted the completion of the company’s relocations of its buying offices from New York to here, the acquisitions of World Market and Linen Holdings, and the progress Bed Bath made in building up its multichannel capabilities.
Gross margin in the quarter dropped 158 basis points to 41 percent. Selling, general and administrative expenses jumped 30 percent in dollars and 100 basis points as a percentage of sales, to 23.4 percent.
Temares added that Bed Bath is still working “to increase and differentiate our merchandise assortments” and “to invest in all aspects of our company to enhance the experience in store, online and through mobile devices and social media….By offering a broad, deep and differentiated assortment of merchandise at everyday low prices with superior customer service, we are confident that our company is well positioned to grow profitably and increase market share and shareholder value over time.”