Bed Bath & Beyond sales up in Q1, but earnings decline
Pointing to a long-term approach to business, Union, N.J.-based Bed Bath & Beyond reported earnings of $76.8 million in the first quarter ended May 31, down 26.6 percent from $104.6 million in the same quarter last year. Comp-store sales increased 0.8 percent, while total sales increased 6.1 percent to $1.648 billion.
According to a research note from Bernstein Research: “Results were within the guidance range, but ahead of expectations as [Bed Bath & Beyond] executed well in the challenging environment and outperformed the channel as a whole.”
In the first quarter, the company formed a joint venture with Home & More, S.A. de C.V., a privately held home products retailer with two stores in Mexico.
“We are excited to be entering Mexico with the strong management team of Home & More as our partners,” said Steven H. Temares, CEO.
Late last year, Bed Bath & Beyond entered Canada.
As of May 31, 2008, the company operated a total of 981 stores, including 890 Bed Bath & Beyond stores (nine of which were opened during the fiscal first quarter), in 49 states, the District of Columbia, Puerto Rico and Canada. The company’s Christmas Tr