US based home textiles retailer, Bed Bath & Beyond Inc said its sales grew 2.7 per cent from a year earlier quarter for fiscal 2014, ended November 29, 2014.
Net sales for the fiscal third quarter of 2014 amounted to $2.94 billion, up 2.7 per cent from $2.86 billion reported in the fiscal third quarter of 2013.
Comparable sales in the reporting quarter rose 1.7 per cent compared with an increase of 1.3 per cent in last year's fiscal third quarter.
The retailer posted net income of $225.4 million or $1.23 earnings per diluted share in quarter under review as against net income of $237.2 million or $1.12 earnings per diluted share in the prior year quarter.
Bed Bath & Beyond clarified that net earnings per diluted share for the third quarter of fiscal 2014 includes, around $.04 of net benefits for certain non-recurring items, including credit card fee litigation.
The $1.1 billion accelerated share repurchase program which commenced in July 2014 was completed in December 2014.
As of November 29, 2014, the remaining balance of the $2.0 billion share repurchase program was approximately $1.8 billion.
The Company expects net earnings per diluted share to be approximately $1.78 to $1.83 for fiscal fourth quarter of 2014 and $5.05 to $5.09 for the fiscal full year.
“The timing and amount of our share repurchases impacts the quarterly and full year diluted weighted average shares outstanding differently with the impact on the individual quarters being greater than the impact on the full year,” it explained.
It added, “So, the sum of the net earnings per diluted share for the four fiscal quarters of the year, representing the three fiscal quarters already reported, and the estimated net earnings per diluted share for the fiscal fourth quarter, is greater than the estimated fiscal full year net earnings per diluted share by approximately six to seven cents.”
Bed Bath & Beyond which is counted among the Fortune 500 and the Forbes 2000 companies operates a total of 1,510 stores.
During the fiscal third quarter, it opened four Bed Bath & Beyond stores, one buybuy BABY store, and one Cost Plus World Market store and closed two Bed Bath & Beyond stores.
In addition, the retailer is a partner in a joint venture which operates five stores in the Mexico City market under the name Bed Bath & Beyond. (AR)
