Bed Bath & Beyond posts 1Q earnings drop

UNION, N.J. Bed Bath & Beyond has reported net earnings of 30 cents per diluted share ($76.8 million) in the fiscal first quarter ended May 31, compared with net earnings of $.38 per diluted share ($104.6 million) in the same quarter a year ago.

Net sales for the fiscal first quarter of 2008 were approximately $1.65 billion, an increase of approximately 6.1% from net sales of $1.55 billion reported in the fiscal first quarter of 2007. Comparable-store sales for the fiscal first quarter of 2008 increased by approximately 0.8%, compared with an increase of approximately 1.6% in last year's fiscal first quarter.