Home product retailer Bed Bath & Beyond Inc. today reported net earnings of U.S. $57.5 million ($0.19 per share) in the fiscal first quarter ended May 31, 2003, an increase of approximately 24.2 percent from the $46.3 million ($0.15 per share) earned in the fiscal first quarter of 2002.
Net sales for the fiscal first quarter of 2003 were $893.9 million, an increase of approximately 15.1 percent from net sales of $776.8 million in the fiscal first quarter of 2002. Comparable store sales in the fiscal first quarter of 2003 grew by approximately 4.4 percent, compared with an increase of approximately 13.2 percent in last year's fiscal first quarter (the largest quarterly increase in comparable store sales in 8 years).
The company also announced that as of May 31, 2003, there were 498 Bed Bath & Beyond stores operating in 44 states and Puerto Rico, including 8 new stores opened during the fiscal first quarter. Total store space of the Bed Bath & Beyond stores at the end of the fiscal first quarter was approximately 17.4 million sq ft, an increase of approximately 15.5 percent over total store space of approximately 15.0 million sq ft of the 409 Bed Bath & Beyond stores operating at the end of the corresponding period last year. Since the beginning of the fiscal second quarter on June 1, 2003, five new Bed Bath & Beyond stores have been opened, bringing the total number of stores now operating to 503 stores.
Including those already opened year-to-date, the retailer says it plans to open 80-90 stores, in both new and existing markets, during fiscal 2003, which ends Feb. 28, 2004.
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