Bed Bath & Beyond Inc. today reported net sales of $2.702 billion for its fiscal third quarter, up 6% from the comparable year earlier period. The company’s net earning also rose for the quarter, jumping 8.7% to $237.2 million from the year earlier period’s $232.8 million. On a comparable store basis Bed Bath & Beyond reported a 1.3% increase, off slightly from the 1.7% gain the company reported for its year-earlier fiscal third quarter.
Linen Holdings is excluded from the comparable store sales calculations and will continue to be excluded on an ongoing basis because it represents non-retail activity. World Market was excluded from the comparable store sales calculations through the end of the fiscal first half of 2013 and is included beginning with the fiscal third quarter of 2013.
For the first three quarters of its fiscal year the retailer reported net sales of $8.301 billion, an increase of roughly 10.5% from net sales of approximately $7.513 billion in the corresponding year-earlier period. Comparable store sales for both the fiscal nine months of 2013 and the fiscal nine months of 2012 increased by approximately 2.7%.
The Company is now modeling net earnings per diluted share to be approximately $1.60 to $1.67 for the fiscal fourth quarter of 2013, compared to its previous model of $1.70 to $1.77, and to be approximately $4.79 to $4.86 for the full year, which will include Cost Plus, Inc. (“World Market”) and Linen Holdings for all of fiscal 2013, as compared to its previous model of $4.88 to $5.01.