Bed Bath & Beyond 4Q Profit Falls
Apr 11, 2008
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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.




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