Bed, Bath & Beyond Q3 profit up
New York -- Third quarter same store sales at Bed Bath & Beyond were negatively affected by Hurricane Sandy, but the nation’s leading home good retailer still managed to grow profits.
Bed, Bath & Beyond said net income for the third quarter ended Nov. 24, increased 1.8% to $233 million.
Sales increased 15.3% to $2.7 billion, largely due to two acquisitions earlier in the year, while same store sales advanced 1.7% and were negatively affected by an estimated .9% due to Sandy.
In early June, Bed Bath & Beyond acquired Linen Holdings in early June and then later the same month bought Cost Plus. The deals boosted the company’s retail footprint and gave the company a total of 1,466 locations. Included in that total are 1,003 Bed Bath & Beyond stores, 264 stores under the names of World Market, Cost Plus World Market, or World Market Stores, 74 stores under the names of Christmas Tree Shops or AndThat!, 78 Buybuy Baby stores and 47 stores under the names of Harmon or Harmon Face Values.
Despite the company’s sizable footprint, co-founder and co-chairman Leonard Feinstein reiterated the company’s long term growth prospects.
"We believe that throughout the United States and Canada, there is an opportunity to operate in excess of 1,300 Bed Bath & Beyond stores, as well as grow our World Market, Christmas Tree Shops and Buybuy Baby concepts from coast to coast," Feinstein said. "Additionally, we will continue to open Harmon Face Values stores and place health and beauty care offerings in selected stores, as well as specialty food and beverage departments in selected Bed Bath & Beyond stores, most recently in Schaumburg, Illinois and Tysons Corner, Va. We remain committed to and are excited about the continued growth of all merchandise categories."