Bed Bath & Beyond sales up 9.9 percent

Bed Bath & Beyond reported second-quarter financial results, showing net earnings rose a little more than 1 percent to $147 million from $145.5 million last year. The results included a one-time tax benefit of $5.8 million.

The company had net sales of $1.77 billion in the first quarter, an increase of 9.9 percent from sales of $1.61 billion last year.

Comparable-store sales increased 2.2 percent.

The company’s board of directors also unveiled a plan for a new $1 billion share-repurchase program. In the second quarter, the company completed an earlier $1 billion repurchase program that began in December 2006. No date has been set for completion of the new repurchase program, which will be funded from current and future free cash flows, the company said.

"Our board took this action based upon its continued confidence in our company's long-term growth potential, financial outlook and excess cash flow generation," said CEO Steven Temares.

As of the end of its first quarter, the company operated 831 Bed Bath & Beyond stores, 10 of which were opened during the second quarter. The company also operates stores under the banners of Christmas Tree Shops, Buybuy Baby and Harmon Stores.