Bed Bath & Beyond tops Street as Q2 earnings rise 34%

Union, N.J. Bed Bath & Beyond on Wednesday posted a 34% increase in fiscal second-quarter earnings, topping Wall Street's expectations. The retailer raised its earnings per share growth forecast for fiscal 2010.

Net income rose to $181.8 million in the three months ended Aug. 28, from $135.5 million in the year-ago period.

Quarterly revenue increased 12% to $2.14 billion, from $1.91 billion in the prior year. Same-store sales rose 7.4%.

During the quarter, the company opened five Bed Bath & Beyond stores and two buybuy Baby stores.