Bed Bath Net Climbs 60 Percent in Fourth Quarter
UNION, N.J.-Net income for Bed Bath & Beyond in the fourth quarter totaled $226 million, up 60 percent over the fourth quarter of last year.
The company accomplished this bottom-line boost on a 16.7 percent gain in net sales for the quarter, which reached $2.2 billion. In addition, Bed Bath firmed its gross margin by 177 basis points to 42.58 percent. Selling, general and administrative expenses increased by 5.6 percent, but fell 274 basis points as a percentage of sales, to 26.05 percent.
The fourth quarter pushed Bed Bath's net income for the year to $600 million, up 41 percent over the prior fiscal year. Net sales totaled $7.8 billion for fiscal year 2010, an increase of 8.6 percent.
During the fourth quarter, Bed Bath opened eight Bed Bath & Beyond stores, four Christmas Tree Shops, three buybuy Baby stores and three Harmon Face Value stores, along with closing one Bed Bath & Beyond. The company ended the fiscal year with a total of 1,100 stores.