Bed Bath & Beyond Tops Forecasts

Bed Bath & Beyond posts a 60% surge in fourth-quarter profit and better-than-expected guidance, sending shares in the retailer higher after-hours.
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NEW YORK (

TheStreet

) --

Bed Bath & Beyond

(BBBY) - Get Report

saw its fourth-quarter profit soar 60%, and released a first-quarter forecast Wednesday that tops Wall Street's.

During the quarter, the home furnishings retailer earned $226 million, or 86 cents a share, compared with $141 million, or 55 cents, in the year-ago period. Analysts expected Bed bath & Beyond to earn 73 cents a share.

Bed Bath & Beyond's sales jumped nearly 17% to $2.4 billion, while its same-store sales spiked 11.5%.

>> Who Owns Bed Bath and Beyond?: Chris Davis

Looking ahead, Bed Bath & Beyond foresees earnings between 44 cents and 48 cents a share, higher than the 42-cent analyst estimate. For the full-year, the company expects earnings to grow between 10% and 15%.

Shares of the company are gaining 3.9% to $46.40 in after-market trading.

-- Reported by Jeanine Poggi in New York.

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