Bed Bath & Beyond reports 2Q earnings drop

UNION, N.J. Bed Bath & Beyond has reported net earnings of 46 cents per diluted share ($119.3 million) in the fiscal second quarter ended Aug. 30, 2008, compared with net earnings of 55 cents per diluted share ($147.0 million) in the same quarter a year ago.

Net sales for the fiscal second quarter of 2008 were approximately $1.854 billion, an increase of approximately 4.9% from net sales of approximately $1.768 billion reported in the fiscal second quarter of 2007. Comparable-store sales in the fiscal second quarter of 2008 decreased by approximately 0.1%, compared with an increase of approximately 2.2% in last year's fiscal second quarter.

For the fiscal first half ended Aug. 30, 2008, the company reported net earnings of 76 cents per diluted share ($196 million) compared with net earnings of 92 cents per diluted share ($251.7 million) in the corresponding period a year ago. Net sales for the fiscal first half of 2008 were approximately $3.502 billion, an increase of approximately 5.5% from net sales of approximately $3.321 billion in the corresponding period a year ago. Comparable-store sales for the fiscal first half of 2008 increased by approximately 0.3%, compared with an increase of approximately 1.9% in last year's fiscal first half.