Shares of

Bed Bath & Beyond

(BBBY) - Get Report

were up 2.3% in premarket trading after the company said second-quarter earnings rose 40% and came in slightly above the analyst consensus. The company also said full-year expectations will beat analyst estimates.

Shares were up 76 cents to $34.44, according to Instinet.

The Union, N.J.-based company earned $75.5 million, or 25 cents a share, in the latest quarter compared with $54 million, or 18 cents a share, in last year's comparable quarter. Analysts were expecting the company to earn 22 cents a share.

Revenue was up 27% to $903 million, compared with $713.6 million last year. Comparable-store sales grew 8%. The company opened 24 new stores during the quarter.

For 2002, the company expects to beat analyst estimates of 94 cents a share and remained confident of third-quarter earnings of 23 cents a share and fourth-quarter earnings of 32 cents a share. Analysts were expecting the company to earn 22 cents a share in the third quarter and 34 cents a share in the fourth quarter.