Bed Bath & Beyond reports 2Q growth

UNION, N.J. Bed Bath & Beyond saw sales and earnings rise for both its fiscal second quarter and first half of 2007.

The company today reported net earnings of $147 million, or 55 cents per diluted share, in the fiscal second quarter ended Sept. 1, compared with net earnings of approximately $145.5 million, or 51 cents per diluted share, in the same quarter a year ago. The company reported net sales for the fiscal second quarter of 2007 were approximately $1.77 billion, an increase of approximately 10% from net sales of approximately $1.61 billion reported in the fiscal second quarter of 2006. Comparable-store sales in the fiscal second quarter of 2007 grew by approximately 2.2%, compared with an increase of approximately 4.8% in last year's fiscal second quarter.

For the fiscal first half ended Sept. 1, the company reported net earnings of $251.7 million, or 92 cents per diluted share, compared with net earnings of $246 million, or 86 cents per diluted share, in the corresponding period a year ago. Net sales for the fiscal first half of 2007 were approximately $3.32 billion, an increase of approximately 10.6% from net sales of approximately $3 billion in the corresponding period a year ago. Comparable-store sales for the fiscal first half of 2007 increased by approximately 1.9%, compared with an increase of approximately 4.8% in last year's fiscal first half.