Bed Bath&Beyond Inc.reported net earnings of$1.12 per diluted share($237.2 million)in the fiscal third quarter ended November 30,2013,an increase of approximately 8.7%versus net earnings of$1.03 per diluted share($232.8 million)in the same quarter a year ago.Net sales for the fiscal third quarter of 2013 were approximately$2.865 billion,an increase of approximately 6.0%from net sales of approximately$2.702 billion reported in the fiscal third quarter of 2012.Comparable store sales in the fiscal third quarter of 2013 increased by approximately 1.3%,compared with an increase of approximately 1.7%in last year's fiscal third quarter.Highlights:-Net Earnings per Diluted Share of$1.12-Quarterly Comparable Store Sales Increase by Approximately 1.3%-Quarterly Net Sales Increase by Approximately 6.0%-Now Modeling Fiscal Fourth Quarter 2013 Net Earnings per Diluted Share of Approximately$1.60 to$1.67-Now Modeling Full Year Net Earnings per Diluted Share to be Approximately$4.79 to$4.86 During the fiscal third quarter of 2013,the Company repurchased approximately$171 million of its common stock,representing approximately 2.3 million shares.As of November 30,2013,the remaining balance of the existing share repurchase program authorized in December 2012 was approximately$1.7 billion.For the fiscal nine months ended November 30,2013,the Company reported net earnings of$3.20 per diluted share($689.0 million),an increase of approximately 10.7%over net earnings of$2.89 per diluted share($663.9 million)in the corresponding period a year ago.
Net sales for the fiscal nine months of 2013 were approximately$8.301 billion,an increase of approximately 10.5%from net sales of approximately$7.513 billion in the corresponding period a year ago.Comparable store sales for both the fiscal nine months of 2013 and the fiscal nine months of 2012 increased by approximately 2.7%The Company is now modeling net earnings per diluted share to be approximately$1.60 to$1.67 for the fiscal fourth quarter of 2013,as compared to our previous model of$1.70 to$1.77,and to be approximately$4.79 to$4.86 for the full year,which will include Cost Plus,Inc.("World Market")and Linen Holdings for all of fiscal 2013,as compared to our previous model of$4.88 to$5.01.The accompanying consolidated financial information for fiscal 2013 includes the accounts of Linen Holdings and World Market from the beginning of the fiscal year and for fiscal 2012,includes the accounts of Linen Holdings since the date of its acquisition on June 1,2012 and World Market since the date of its acquisition on June 29,2012.Linen Holdings is excluded from the comparable store sales calculations and will continue to be excluded on an ongoing basis because it represents non-retail activity.World Market was excluded from the comparable store sales calculations through the end of the fiscal first half of 2013 and is included beginning with the fiscal third quarter of 2013.
