Bed Bath & Beyond Reports 27 Percent Drop in 1Q Profit

Bed Bath & Beyond Reports 27 Percent Drop in 1Q Profit
June 27, 2008

Union, N.J.-based Bed Bath & Beyond Inc. reported a 27 percent drop in profit for the first quarter, which ended May 31, 2008. Net earnings were $76.8 million in the fiscal first quarter, compared with net earnings of $104.6 million in the same quarter a year ago. Net sales for the first quarter of 2008 were approximately $1.648 billion, an increase of approximately 6.1 percent from net sales of $1.553 billion in the first quarter of 2007. Comparable-store sales increased by approximately 0.8 percent, compared with an increase of approximately 1.6 percent last year. Also during the first quarter of 2008, the company repurchased approximately 400,000 shares of its common stock for an aggregate cost of approximately $14 million.

Produced by: Nielsen Business Media, a part of the Nielsen Company
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