Bed Bath & Beyond reports 4Q sales drop

UNION, N.J. Bed Bath & Beyond reported net earnings of $172.9 million, or 66 cents per diluted share, in the fiscal fourth quarter ended March 1. Net earnings for the fiscal fourth quarter of 2006 were $205.8 million, or 72 cents per diluted share, which included an additional week and reflected a non-recurring charge of approximately 7 cents per diluted share.

Net sales for the fiscal fourth quarter were approximately $1.93 billion, a decrease of approximately 3.1% from the fiscal fourth quarter of 2006. According to the company, sales for the fiscal fourth quarter of 2007 were impacted by there being one less week in the period and by the fact that the week after Thanksgiving fell in the fiscal third quarter compared to falling in the fiscal fourth quarter of 2006. Comparable-store sales for the fiscal fourth quarter of 2007 decreased by approximately 0.4% compared with an increase of approximately 5.2% in last year's fiscal fourth quarter.

The company reported that net earnings for the fiscal year ended March 1 were $562.8 million, or $2.10 per diluted share, compared with net earnings  of $594.2 million, or $2.09 per diluted share a year ago.

Net sales for fiscal 2007 were approximately $7.05 billion, an increase of approximately 6.5% from the prior fiscal year. Comparable-store sales for fiscal 2007 increased by approximately 1% compared with an increase of approximately 4.9% in fiscal 2006.