Bed Bath & Beyond (BBBY) Shares Move Lower Despite 28% Surge in Q3 Profit

December 21, 2011 4:46 PM EST
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Price: $40.92 --0%

EPS Growth %: -22.0%

Financial Fact:
Net sales: 2.99B

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Bed Bath & Beyond Inc. (Nasdaq: BBBY) Wednesday reported its fiscal 2011 third-quarter results. The stock is trading down more than 3 percent in the after hours session.

Net sales increased approximately 6.8 percent year over year to $2.344 billion and were roughly inline with the Street’s consensus of $2.35 billion. Comparable-store sales increased by approximately 4.1 percent, well below the 7 percent increase the company experienced over the same period in 2010.

The cost of sales rose roughly 6.7 percent to $1.384 billion.

Net earnings rose 28 percent from the year-ago quarter to $228.54 million, or $0.95 per diluted share and beat the Street’s consensus of $0.89 per diluted share.

The company ended the quarter with $765.75 million in cash and cash equivalents, down from the $840.33 million it had exactly one year ago.

The company’s earnings results for the quarter topped even the most bullish analyst estimates. Click here to see what some analysts were forecasting and thinking ahead of the release.

As of November 26, 2011, Bed Bath & Beyond had a total of 1,171 stores, including 993 Bed Bath & Beyond stores in all 50 states, the District of Columbia, Puerto Rico and Canada, 71 Christmas Tree Shops stores, 61 buybuy BABY stores and 46 stores under the names of Harmon or Harmon Face Values. During the fiscal third quarter, the company opened seven Bed Bath & Beyond stores, seven buybuy BABY stores, one Christmas Tree Shops store and one Harmon Face Values store. Consolidated store space as of November 26, 2011 was approximately 36.0 million square feet.

Looking ahead to the next quarter, the fourth quarter, management is forecasting earnings of approximately $1.28 to $1.33 per share, inline with the Street’s consensus of $1.30 per share. Total sales for the fourth quarter are expected to be between $3.86 billion and $3.92 billion, ahead of the Street’s consensus of $3.83 billion.

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