Union, NJ, Mar. 31--Bed Bath & Beyond Inc.'s earnings rose 37 percent in its latest quarter, as new stores and acquisitions drove sales up 24 percent.
The chain reported earnings of $144.2 million, or 47 cents a share, for the fiscal fourth quarter ended Feb. 28. In the same period a year ago, it earned $105.3 million, or 35 cents a share. The latest quarter's results topped analyst's expectations by three cents a share.
Fourth-quarter sales climbed to $1.29 billion from $1.05 billion a year ago. Sales at stores open at least a year rose 8.1 percent.
Bed Bath & Beyond opened six new stores during the quarter and 85 stores during the year. It also bought the Christmas Tree Shops chain, which sells gifts and household items, in June.
The company ended February with 575 Bed Bath & Beyond stores, 24 Christmas Tree Shops stores and 30 Harmon stores, which sell health and beauty care items.
For the full fiscal year, the company earned $399.5 million, or $1.31 share, on sales of $4.48 billion. In the previous year, it earned $302.2 million, or $1 per share, on sales of $3.67 billion.
The company reported its results after the close of the Nasdaq Stock Market, which saw its shares up 58 cents, or 1.4 percent, at $41.90. In extended trading, the shares slipped to $41.75.
