Retailer Bed Bath & Beyond Inc. said its fiscal fourth-quarter profit dropped 16% due to a dip in sales and lower interest income. For the quarter ended March 1, net income fell to $172.9 million, or $0.66 per share, from $205.8 million, or $0.72 per share, in the prior-year quarter. Revenue fell 3% to $1.93 billion from $1.99 billion in the year-ago quarter. The company noted that the year-ago quarter had an extra week. Additionally, Thanksgiving in the recently completed fiscal year fell in the third quarter instead of the fourth. Additionally, profit was hurt by a 58% drop in interest income to $5.6 million from $13.2 million. Same-store sales fell 0.4% in the quarter.
to Daily News