Bed Bath & Beyond grows other banners

UNION, N.J. Bed Bath & Beyond is looking increasingly like a portfolio retailer. Although still overwhelming consisting of namesake stores, the company, at its annual meeting, discussed plans for growth in its other banners including Christmas Tree Shops, Harmon and the newly acquired buybuy Baby. The company ended fiscal 2006 with 815 Bed Bath & Beyond units, 34 Christmas Tree Shops and 39 Harmon stores. Harmon also has been adapted as a boutique health and beauty aids section in Bed Bath & Beyond stores.

By March 3, Bed Bath & Beyond had secured 58 leases for new stores sites in 2007 and into 2008. While most will be Bed Bath & Beyond units, the company stated that it intends to grow all four of its banners in the coming months.

Bed Bath & Beyond sales were $6.62 billion in the fiscal year ended March 3, up from $5.81 billion in fiscal 2005. Net earnings were $594.2 million, or $2.09 per diluted share, up from $572.8 million, or $1.95 per diluted share, in the year before.