Bed Bath & Beyond Inc. Reports Results for Fiscal First Quarter

UNION, N.J., June 23 /PRNewswire-FirstCall/ -- Bed Bath & Beyond Inc. (Nasdaq: BBBY) today reported net earnings of $.52 per diluted share ($137.6 million) in the fiscal first quarter ended May 29, 2010, an increase of approximately 53% versus net earnings of $.34 per diluted share ($87.2 million) in the same quarter a year ago.  Net sales for the fiscal first quarter of 2010 were approximately $1.923 billion, an increase of approximately 13.5% from net sales of approximately $1.694 billion reported in the fiscal first quarter of 2009.  Comparable store sales in the fiscal first quarter of 2010 increased by approximately 8.4%, compared with a decrease of approximately 1.6% in last year's fiscal first quarter.

For the fiscal second quarter of 2010, the Company is modeling net earnings per diluted share to be approximately $.59 to $.63.  For fiscal 2010, the Company is modeling net earnings per diluted share to increase by approximately 15%.  

As of May 29, 2010, the Company had a total of 1,104 stores, including 967 Bed Bath & Beyond stores in 49 states, the District of Columbia, Puerto Rico and Canada, 61 Christmas Tree Shops stores, 31 buybuy BABY stores and 45 stores under the names of Harmon or Harmon Face Values.  During the fiscal first quarter, the Company opened two Bed Bath & Beyond stores and two buybuy BABY stores. Consolidated store space as of May 29, 2010 was approximately 33.9 million square feet. Since the beginning of the second quarter of fiscal 2010 on May 30, 2010, one additional Bed Bath & Beyond store has been opened.  In addition, the Company is a partner in a joint venture which operates two stores in the Mexico City market under the name "Home & More."

Bed Bath & Beyond Inc. and subsidiaries (the "Company") is a chain of retail stores, operating under the names of Bed Bath & Beyond, Christmas Tree Shops, Harmon, Harmon Face Values and buybuy BABY.  In addition, the Company is a partner in a joint venture which operates retail stores in Mexico under the name "Home & More."  The Company sells a wide assortment of domestics merchandise and home furnishings, which include food, giftware, health and beauty care items and infant and toddler merchandise.  Shares of Bed Bath & Beyond Inc. are traded on NASDAQ under the symbol "BBBY" and are included in the Standard and Poor's 500 and Global 1200 Indices and the NASDAQ-100 Index.  The Company is counted among the Fortune 500 and the Forbes 2000.    

This press release may contain forward-looking statements.  Many of these forward-looking statements can be identified by use of words such as may, will, expect, anticipate, estimate, assume, continue, project, plan, and similar words and phrases.  The Company's actual results and future financial condition may differ materially from those expressed in any such forward-looking statements as a result of many factors that may be outside the Company's control. Such factors include, without limitation: general economic conditions including the housing market, a challenging overall macroeconomic environment and related changes in the retailing environment, consumer preferences and spending habits; demographics and other macroeconomic factors that may impact the level of spending for the types of merchandise sold by the Company; unusual weather patterns; competition from existing and potential competitors; competition from other channels of distribution; pricing pressures; the cost of labor, merchandise and other costs and expenses; the ability to find suitable locations at acceptable occupancy costs to support the Company's expansion program; the impact of failed auctions for auction rate securities held by the Company; and matters arising out of or related to the Company's stock option grants and procedures and related matters, including any tax implications relating to the Company's stock option grants.  The Company does not undertake any obligation to update its forward-looking statements.  

SOURCE Bed Bath & Beyond Inc.