Bed Bath & Beyond sees a rockier third quarter
Piscataway, N.J.-based Bed Bath & Beyond has announced net earnings in the third quarter of $138.2 million, down 3 percent from $142.4 million in the same period last year. Net sales rose 10.8 percent to $1.8 billion compared with 1.62 billion in the year-ago period.
Comparable-store sales grew about 0.8 percent; a slower growth rate than the 4.6 percent recorded in lasts year’s third quarter. The company said it predicts a flat comparable-store sales percentage for the fourth quarter.
Most recently, the company opened two new stores, including its first store in Canada.
Bed Bath & Beyond, which also operates the Christmas Tree Shops, Harmon Stores and Buy Buy Baby chains, said it expected quarterly earnings of 64 cents to 67 cents a share, compared with analysts’ forecasts of 77 cents.
As of December, the specialty retail company operated a total of 949 stores, including 859 Bed Bath & Beyond stores, 28 of which were opened during the third quarter.