Bed Bath & Beyond Inc. posted a slightly higher quarterly profit on increased sales and a one-time tax benefit and said its board of directors approved a US$1 billion share buyback program. It said second-quarter net income rose 1% to $147 million, or $0.55 a share, from $145.5 million, or $0.51 a year earlier. Results in the current quarter included a one-time benefit of $5.8 million due to certain tax items recorded during the period. Its quarterly sales rose 10% to $1.77 billion. Comparable store sales, a key retail measure of sales at stores open at least a year, rose 2.2%.
to Daily News