Bed Bath & Beyond profit climbs in Q4; 60 stores on tap in 2010

Union, N.J. Bed Bath & Beyond reported that its fiscal fourth-quarter profit grew 60%. For the quarter ended Feb. 27, Bed Bath posted a profit of $226 million, up from $141.4 million a year earlier.

Meanwhile, revenue jumped 17% to $2.24 billion, helped by the net addition of 17 stores in the quarter.

Same-store sales grew 12%, topping the company's guidance of up 3% to 5% and outpacing the 7.3% increase in the fiscal third quarter. Before a period of weakness during the recent recession, same-store sales rose in every quarter since Bed Bath & Beyond went public in 1992.

The company said Wednesday that inventory per square foot of retail space increased only 1.8% in the quarter, compared with the 12% same-store sales growth.

The company said Wednesday that inventory per square foot of retail space increased only 1.8% in the quarter, compared with the 12% same-store sales growth.

Bed, Bath & Beyond plans to add 60 stores in fiscal 2010 after adding 67 last year.

CEO Steven Temares said capital expenditures are forecast at $225 million, up 46% from the $154 million spent last year. Investments will focus on new stores, improvements to existing stores, information-technology enhancements and other projects, he said.