Bed Bath and Beyond 4Q earnings up 56%

UNION, N.J. Bed Bath and Beyond reported net earnings of 86 cents per diluted share ($226 million) in the fiscal fourth quarter ended Feb. 27, an increase of approximately 56% versus net earnings of 55 cents per diluted share ($141.4 million) in the same quarter a year ago.

Net sales for the fiscal fourth quarter of 2009 were approximately $2.244 billion, an increase of approximately 16.7% from net sales of approximately $1.923 billion reported in the fiscal fourth quarter of 2008.  Comparable-store sales in the fiscal fourth quarter of 2009 increased by approximately 11.5%, compared with a decrease of approximately 4.3% in last year's fiscal fourth quarter.

Net earnings for the fiscal year ended Feb. 27 were $2.30 per diluted share ($600 million), compared with net earnings per diluted share of $1.64 ($425.1 million) a year ago.  Net sales for fiscal 2009 were approximately $7.829 billion, an increase of approximately 8.6% from the prior fiscal year.  Comparable-store sales for fiscal 2009 increased by approximately 4.4%, compared with a decrease of approximately 2.4% last year.

For fiscal 2010, the company is expecting net earnings per diluted share to be approximately 44 cents to 48 cents for the first quarter and to increase by approximately 10% to 15% for the full year.