• Cecile Corral

Bed Bath & Beyond Bullish

Dominant big-box home furnishings retailer Bed Bath & Beyond was "disappointed" to fall "just short" of achieving its quarterly financial goals, the company said in its first-quarter earnings call.

BBB reported net earnings of $0.38 per diluted share in the fiscal first quarter ended June 2. The figure was at the high end of the downward-revised projection that the company had issued earlier in the month, and was up 8.6% from earnings of $0.35 for the same period one year ago.

Net sales for the quarter were $1.55 billion, up 11.3% from net sales of $1.40 billion last year.

Comparable store gains were anemic, at 1.6%. In the 2006 first quarter, comps rose 4.9%.

Warren Eisenberg, co-chairman, blamed "a challenging retail environment, specifically for home-related products," but said 821-unit BBB is optimistic about its near- and long-term future.

"We believe our company, with its market share at an all-time high, continues to distance itself from our competitors," he said. "We're stronger today than ever and remain confident."

During the call, the company announced it had recently signed a lease for its first store outside of the United States. This BBB unit will be located in Canada's Ontario province — specifically in greater Toronto's Richmond Hill area.

"We're very excited about our entrance to Canada and believe our neighbor to the north provides still another growth opportunity for us," Eisenberg said, adding BBB continues to review other international opportunities.

BBB expects to open some 70 new BBB units and four new Christmas Tree Shops this year. It also plans to "substantially complete" its 700,000-square-foot Christmas Tree Shops distribution center, and to open additional buybuyBaby and Harmon stores.

Cecile CorralCecile Corral | Senior Product Editor, Home & Textiles Today
ccorral@homeandtextilestoday.com

Cecile B. Corral has been a product editor with Home Textiles Today since late 2000. She covers the area and accent rug, kitchen textiles, table linens, beach towels, decorative bath and decorative pillow categories, as well as some retail subjects.

Featured Video

  • Live From New York: Fashion Comes Across the Pond

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.

CURRENT ISSUE

HTT Cover October 2017

See the October 2017 issue of Home & Textiles Today. In this issue, we look at the Top 25 Online Retailers.  H&TT's exclusive annual ranking of the biggest online sellers of home textiles finds that while pure play etailers continue to fly, bricks & clicks are digging into omnichannel. See details!