Bed Bath & Beyond
posted fourth-quarter results that narrowly topped estimates as sales climbed at its established stores.
The Union, N.J.-based company earned $205.8 million, or 72 cents a share, in the period, compared with $197.9 million, or 67 cents a share, a year ago.
The latest quarter's results included a tax-related charge of 7 cents a share tied to errors in stock options grants. Excluding the charge, earnings per share were 79 cents, topping Thomson Financial's estimate of 78 cents. The company's own guidance in December had called for earnings of 78 cents a share, before the charge.
Bed Bath & Beyond's sales climbed 18% to $1.99 billion, beating Wall Street's projection of $1.94 billion. Same-store sales, or sales at stores open at least a year, increased 5.2%.
Bed Bath & Beyond said it is continuing to cooperate with inquiries by the
Securities and Exchange Commission
and the Justice Department regarding its stock option grant practices.
The company's chains include Bed Bath & Beyond, Christmas Tree Shops, and Harmon. Last month, the retailer acquired buybuy Baby, a seller of infant and toddler-related merchandise.
Shares were falling 48 cents, or 1.2%, to $40.25 in after-hours trading.