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News
Bed, Bath meets forecasts
December 13, 2000: 6:24 p.m. ET

Slightly softer-than-expected sales keep earnings per share in line with 3Q target
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NEW YORK (CNNfn) - Specialty retailer Bed, Bath & Beyond met earnings estimates for its third quarter on slightly softer than expected sales.

The Union, N.J.-based chain reported net earning of $40.7 million, or 14 cents a diluted share, in line with the forecasts of analysts surveyed by earnings tracker First Call, and up from the $31.7 million, or 11 cents a share, earned in the year earlier period.

graphicSales came in at $609.5 million in the period, which ended Nov. 25. While that was up 25 percent from year ago revenue of $486.5 million, it just missed analysts' forecasts of $618.9 million in the period. Sales at stores open at least a year, a closely-watched measure known as same-store sales, increased 4.2 percent in the quarter.

For the first three quarters of the fiscal year earnings came to $107.6 million, or 37 cents a diluted share, up from $82.8 million, or 29 cents a share, a year earlier. Year-to-date revenue rose to $1.7 billion from $1.3 billion a year earlier.

The chain has 309 stores, and expects to reach 391 stores by the end of its next fiscal year.

Shares of Bed, Bath & Beyond (BBBY: Research, Estimates) declined $1.69 to $20 in after-hours trading after dropping 75 cents to $21.69 in regular-hours trading Wednesday ahead of the report. graphic

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