Union, NJ, April 7-- Bed Bath & Beyond Inc., the nation's largest superstore domestic retailer, said Wednesday that fourth-quarter earnings rose more than 25 percent year-over-year on strong sales growth.
Net income grew to $181 million, or 59 cents per share, from $144.2 million, or 47 cents per share, a year ago.
Sales increased 13.1 percent to $1.47 billion from $1.3 billion in the fourth quarter of 2003. Sales at stores open at least one year, or same-store sales, rose 5.1 percent.
Analysts were looking for the company to post earnings of 55 cents per share on sales of $1.45 billion in the latest quarter.
For the full year, the company earned $505 million, or $1.65 per share, up 26.4 percent from last year's profit of $399.5 million, or $1.31 per share. Sales grew 15 percent to $5.15 billion from $4.48 billion a year ago, and same-store sales were up 4.5 percent.
Analysts had predicted Bed Bath & Beyond would earn $1.61 per share on sales of $5.14 billion in fiscal 2004.
As of Feb. 26, the company operated a total of 721 stores, including 660 Bed Bath & Beyond stores, in 44 states and Puerto Rico. In addition, Christmas Tree Shops Inc. operated 26 stores in 7 states, and Harmon Stores Inc. operated 35 stores in 3 states.
