Union, NJ, December 21, 2006--Bed Bath & Beyond reported third-quarter profit that rose 5.8 percent to $142.4 million, or 50 cents a share, up from $134.6 million, or 45 cents posted a year earlier. Sales for the period increased 12 percent, to $1.62 billion.
The company has opened larger stores and expanded into new areas to draw customers away from department stores and smaller rivals like Linens ’n Things. Strategies like buying more products from less-expensive overseas vendors also bolstered earnings.
The company said on September 20th that it would earn 52 cents a share in the third quarter and $2.17 for the year ending in February. The average analyst estimate compiled by Bloomberg called for 52 cents a share in the third quarter and $2.19 for the year.
