Union NJ, June 22, 2006--Bed Bath & Beyond reported fiscal first-quarter earnings that edged up 2 percent as higher operating costs tempered a rise in sales.
Net income increased to $100.4 million, or $0.35 per share, up from $98.9 million, or $0.33 per share, in the prior-year period.
Sales rose 12 percent to $1.39 billion from $1.24 billion a year ago.
The results were roughly in line with Wall Street's expectations. Analysts polled by Thomson Financial expected earnings of 35 cents per share on sales of $1.39 billion for the quarter ended in May.
Same-store sales grew 4.9 percent versus a 4.4 percent in the same quarter last year.
The company reported selling, general and administrative expenses jumped 19 percent to $441 million during the period.
Bed Bath & Beyond operates 819 stores, including 751 of its flagship stores and 30 Christmas Tree Shops.
