Union, NJ, December 16--Bed Bath & Beyond Inc. posted earnings in their third quarter that rose 21 percent on a sales increase.
The company earned $121.9 million, or $0.40 a share, on revenue of $1.31 billion in the fiscal third quarter ended Nov. 27.
Analysts were expecting earnings of $0.39 a share, according to Thomson First Call.
In the same period last year, it earned $100.5 million, or $0.33 a share, on revenue of $1.17 billion.
Sales at stores open more than one year, or same-store sales, rose 3.1 percent in the latest quarter.
The company ended the quarter with 698 stores, including 640 Bed Bath & Beyond stores, of which 34 that were opened during the quarter. It also operated 26 Christmas Tree Shops, Inc., and 32 Harmon Stores, Inc.
In current fiscal quarter, the company expects to open 20 Bed Bath & Beyond stores and 4 Harmon Stores.
The retailer's board of directors approved a $350 million share repurchase program, effective immediately.
