Bed Bath & Beyond Beats Q3 EPS
Bed Bath & Beyond Inc. (NASDAQ: BBBY) reported financial results Thursday for the third quarter of fiscal 2014 ended November 29, 2014. Net sales for the fiscal third quarter of 2014 were approximately $2.943 billion, slightly below estimates of $2.97 billion and an increase of approximately 2.7 percent from net sales of approximately $2.865 billion reported in the fiscal third quarter of 2013.
Comparable sales in the fiscal third quarter of 2014 increased by approximately 1.7 percent, compared with an increase of approximately 1.3 percent in last year's fiscal third quarter.
Net earnings of $1.23 per diluted share, or $225.4 million, were above estimates of $1.19. Net earnings reported for the fiscal third quarter of 2013 were $1.12 per diluted share, or $237.2 million.
The company announced that the $1.1 billion accelerated share repurchase program which commenced in July 2014 was completed in December 2014. As of November 29, 2014, the remaining balance of the $2.0 billion share repurchase program was approximately $1.8 billion.
Bed Bath & Beyond traded at $76.01 in the after-hours session, down 4.33 percent.
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