Bed Bath & Beyond Reports Net Earnings Increase in Q2 Sep 23, 2004

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Small appliance retailer Bed Bath & Beyond Inc. reported net earnings of U.S. $120 million ($0.39 per share) in the fiscal second quarter ended Aug. 28, 2004, an increase of approximately 23.5 percent from the $97.2 million ($0.32 per share) earned in the fiscal second quarter of 2003.

Net sales for the fiscal second quarter of 2004 were approximately $1.3 billion, an increase of approximately 14.6 percent from net sales of approximately $1.1 billion in the fiscal second quarter of 2003. Comparable store sales in the fiscal second quarter of 2004 grew by approximately 4.8 percent, compared with an increase of approximately 5.9 percent in last year's fiscal second quarter.

For the fiscal first half ended Aug. 28, 2004, net earnings increased 30.6 percent to $202.1 million ($0.66 per share) from $154.7 million ($0.51 per share) earned in the comparable period of the prior year. Net sales for the fiscal first half of 2004 rose 18.4 percent to approximately $2.4 billion from approximately $2.0 billion in the corresponding period of the prior year. Comparable store sales for the fiscal first half of 2004 increased by approximately 4.9 percent, compared with an increase of approximately 5.2 percent in the comparable period a year ago.

As of Aug. 28, 2004, the company operated a total of 661 stores, including 606 Bed Bath & Beyond stores (of which 14 were opened during the fiscal second quarter) in 44 U.S. states and Puerto Rico. During the remainder of fiscal 2004, which ends on Feb. 26, 2005, the retailer plans to open approximately 54 Bed Bath & Beyond stores, in both new and existing markets.

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