BBB: hurricane won’t hurt business
September 22, 2005,
UNION, N.J. – Bed Bath & Beyond does not expect Hurricane Katrina’s effects to have any significant impact on its business, the company said during its second quarter conference call late yesterday.
““The ultimate full effects on operating results are not presently determinable,” said Steven Temares, president and CEO. “But we do know that we have a strong balance sheet and are achieving exceptional long-term operating results.”
Helped by rising sales, stronger margins and interest on money in the bank -- which by itself accounted for almost 6 percent of the entire second quarter profit at Bed Bath & Beyond -- the specialty retailer drove earnings up 17.8 percent, to $141.4 million from $120 million last year.
Sales climbed 12.3 percent, to $1.4 billion from $1.3 billion -- off its blazing pace of gains as high as 25 to 30 percent in earlier years but still remarkably strong within the context of rising gas prices, an uncertain economy and eroding consumer confidence. Same-store sales rose 4.5 percent.
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