Bed Bath & Beyond Warns on 1Q Guidance

Union NJ, June 5, 2007--Bed Bath & Beyond warned that its fiscal first-quarter earnings may come in below Wall Street's expectations.

The company forecast net income in a range of 36 cents to 38 cents per share for the quarter.

Analysts polled by Thomson Financial expect a first-quarter profit of 39 cents per share.

Bed Bath & Beyond said its same-store sales would rise about 1.6 percent in the first quarter, versus the 3 percent to 5 percent growth that was expected.

Same-store sales, or sales at stores open at least a year, is a key measure of retailer performance, because it measures growth at existing stores rather than from newly-opened ones.

"Based upon what we have experienced and has been reported by others, the overall retailing environment, especially sales of merchandise related to the home, has been challenging," Chief Executive Steven Temares said in a statement.