Bed, Bath & Beyond boosts Q2 earnings, sales
Union, N.J. – Bed, Bath & Beyond, Inc. reported year-over-year increases in net income, net sales and same-store sales during the second quarter of fiscal 2013. Net income grew about 18%, to $249.3 million from $224.3 million.
Meanwhile, net sales increased about 9%, to $2.82 million, from $2.59 million. Same-store sales grew about 3.7%. The addition of revenue from World Market and Linen Holdings, an increase in same-store sales driven by an increase in transaction count and average transaction amount, and the opening of new stores were all key factors in Bed, Bath & Beyond’s net sales growth.
Bed, Bath & Beyond beat Wall Street expectations with its strong quarterly performance. However, analysts do not expect the retailer to perform quite as well in the current fiscal quarter.
Looking ahead, Bed, Bath & Beyond expects net sales to increase by 6% to 8% in the third quarter and decline by 2% to 4% in the fourth quarter. Same-store sales are expected to increase 1% to 3% for the third quarter and 3.5% to 5.5% for the fourth quarter.
As of August 31, 2013, the company had a total of 1,484 stores, including 1,009 Bed Bath & Beyond stores in all 50 states, the District of Columbia, Puerto Rico and Canada, 266 stores under the names of World Market, Cost Plus World Market or Cost Plus, 86 buybuy Baby stores, 74 stores under a combination of the names of Christmas Tree Shops or andThat!, and 49 stores under the names of Harmon or Harmon Face Values.