Bed Bath & Beyond plans diversified growth
Home & Textiles Today Staff -- Home Textiles Today, April 12, 2007
Union, N.J. – Bed Bath & Beyond is on plan to develop a new state-of-the-art distribution center for its Christmas Tree Shops division as well as a new e-service fulfillment center “to accommodate future growth,” said Warren Eisenberg, co-chairman, during the 888-unit home textiles specialty chain’s fourth-quarter and year-end earnings call late yesterday.
Underpinning that growth, the company noted, “ Fiscal 2006 was the 15th consecutive year of record earnings since the company's 1992 IPO.”
For the year, BBB recorded sales of $6.6 billion, up 13.9%, and net earnings of $594.2 million, up 3.7%. Comp-store sales rose 4.9% for the year.
For this new fiscal year, 2007, BBB said it expects to open approximately 70 new stores and relocate several existing units. The company will also “improve and grow” its Christmas Tree Shops, Harmon Stores, and buybuy Baby operations – the latter having been acquired in late March.
Steven Temares, ceo, described eight-store buybuy Baby as “an excellent strategic fit that will strengthen our company and permit us to satisfy customers in new ways by servicing another portion of their life cycle.”
He noted, “The fact that Bed Bath & Beyond’s customer base includes many prospective and current parents as well as their relatives and friends -- we believe this category of business has tremendous growth potential.”
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