For the fiscal first quarter ended June 1, Bed Bath & Beyond Inc. reported net earnings of $202.5 million, or 93 cents per diluted share, versus $206.8 million, or 89 cents per diluted share, in the same period a year ago. Net earnings per diluted share for the 2013 first quarter included one cent of distinct net tax benefit, or $2.6 million total, versus six cents of distinct net tax benefit, or $14.6 million total, in the 2012 period, the company stated.
Earnings per diluted share met a Thomson Reuter’s published consensus analyst estimate.
Comparable store sales increased by 3.4% compared with last year’s first quarter. In a conference call, Steve Temares, Bed, Bath & Beyond CEO, said the comp gain resulted from advances both in number of transaction and in average transaction amount.
Net sales for the 2013 quarter were $2.61 billion, an increase of 17.8% versus last year’s period.
Currently, Bed, Bath & Beyond is investing in improving the online shopping experience for its customers, working on both back room and customer facing initiatives, the company related in the conference call. In early June, Bed, Bath & Beyond launched a new buybuy Baby website, it noted. Steve Temares, CEO, said in the call that the company is on track to launch an new Bed, Bath & Beyond website by the end of the second quarter.
As of June 1, the company operated a total of 1,478 stores, including 1,008 namesake stores in all 50 of the United States, the District of Columbia, Puerto Rico and Canada, 266 stores under the names of World Market or Cost Plus World Market, 83 buybuy BABY stores, 73 stores under the names of Christmas Tree Shops or andThat!, and 48 stores under the banners Harmon or Harmon Face Values. In addition, the retailer is a partner in a joint venture that operates three stores in the Mexico City market under the name Bed Bath & Beyond.
In the first quarter, the company opened four Bed Bath & Beyond stores, two World Market stores, one buybuy BABY store and one Harmon Face Values store while shuttering one Christmas Tree Shops location. Since the beginning of the fiscal second quarter on June 2, it opened one buybuy BABY store.