Bed Bath & Beyond sees drop in 4Q earnings

UNION, N.J. Bed Bath & Beyond reported net earnings of 55 cents per diluted share ($141.4 million) in the fiscal fourth quarter ended Feb. 28, compared with net earnings of 66 cents per diluted share ($172.9 million) in the same quarter a year ago. Net sales for the fiscal fourth quarter of 2008 were approximately $1.923 billion, a decrease of approximately 0.5% from net sales of approximately $1.933 billion reported in the fiscal fourth quarter of 2007. Comparable-store sales in the fiscal fourth quarter of 2008 decreased by approximately 4.3%.

Net earnings for the fiscal year ended Feb. 28 were $1.64 per diluted share ($425.1 million), compared with net earnings per diluted share of $2.10 ($562.8 million) a year ago. Net sales for fiscal 2008 were approximately $7.208 billion, an increase of approximately 2.3% from the prior fiscal year. Comparable-store sales for fiscal 2008 decreased by approximately 2.4%.