US home furnishings retailer - Bed Bath & Beyond Inc. reported near stable net earnings, while sales rose 4.3% year-on-year in the second fiscal quarter ending August 30, 2014.
The retailer clocked net earnings of $1.17 per diluted share or $224.0 million in the second quarter of 2014, compared with $1.16 per diluted share or $249.3 million in the second quarter of 2013.
Net sales for the quarter under review totalled $2.945 billion, up 4.3% from $2.824 billion, it reported in the second quarter of 2013. Comparable sales rose 3.4% from the prior year quarter.
During the second quarter of 2014, the company repurchased approximately $1.0 billion of its common stock, representing approximately 16.9 million shares.
As of August 30, 2014, the remaining balance of the new $2.0 billion share repurchase program authorized in July 2014 was approximately $1.8 billion.
In its outlook for the third fiscal quarter of 2014, Bed Bath & Beyond expects net earnings per diluted share to be approximately $1.17 to $1.21.
It also forecast net earnings per diluted share to be between $1.78 to $1.83 for the fourth fiscal quarter of 2014, and approximately $5.00 to $5.08 for the fiscal full year.
The retailer clarified that the timing and amount of its share repurchases impacts the quarterly and full year diluted weighted average shares.
