Pointing to a long-term approach to business, Union, N.J.-based Bed Bath & Beyond reported earnings of $76.8 million in the first quarter ended May 31, down 26.6 percent from $104.6 million in the same quarter last year. Comp-store sales increased 0.8 percent, while total sales increased 6.1 percent to $1.648 billion.
According to a research note from Bernstein Research: “Results were within the guidance range, but ahead of expectations as [Bed Bath & Beyond] executed well in the challenging environment and outperformed the channel as a whole.”
In the first quarter, the company formed a joint venture with Home & More, S.A. de C.V., a privately held home products retailer with two stores in Mexico.
“We are excited to be entering Mexico with the strong management team of Home & More as our partners,” said Steven H. Temares, CEO.
Late last year, Bed Bath & Beyond entered Canada.
As of May 31, 2008, the company operated a total of 981 stores, including 890 Bed Bath & Beyond stores (nine of which were opened during the fiscal first quarter), in 49 states, the District of Columbia, Puerto Rico and Canada. The company’s Christmas Tree Shops has 41 stores, buybuy BABY has 10 stores (one of which was opened during the fiscal first quarter) and 40 stores are operated under the names of Harmon and Harmon Face Values.