BBB focused on omni-channel efforts in Q2, beyond
Home & Textiles Today Staff -- Home Textiles Today, September 26, 2013
Union, N.J. - Bed Bath & Beyond Inc. plunged deeper into it omni-channel efforts during the second quarter, debuting new websites for its Bed Bath & Beyond and buybuy Baby businesses as well as commencing several other related initiatives at both the front and back ends of operations.
During the company's earnings call Wednesday evening, Steve Temares, ceo, outlined other upcoming projects in the queue this year "to lead our omni-channel initiatives." They including: upgrades to mobile sites and apps; enhancements to the network communication in stores; development of future point-of-sale improvements; and growth and development of IT, analytic, marketing and ecommerce groups.
"In addition, we are in the process of building, equipping and staffing our new IT data center in North Carolina to enhance our disaster recovery capabilities and support our overall IT systems," Temares added.
Second quarter results for Bed Bath & Beyond Inc. were strong, lead by an 18.4% jump in net earnings to $249.3 million, or $1.16 per diluted share, versus $224.3 million, or $0.98 per diluted share, a year ago.
Net sales grew 8.9% to $2.824 billion compared to $2.593 billion, and comparable store sales were up 3.7%, aided by increases in both number of transactions and average transaction amount, Temares noted.
Year to date, BBB reported net earnings of $451.8 million, or $2.09 per diluted share, representing an increase of 11.8% over $431.2 million, or $1.87 per diluted share, in the prior year.
Net sales for the first half were up 13.0% to $5.436 billion from the year-ago's $4.811 billion, and comparable store sales increased by 3.5%.
The company said it is modeling its third quarter net earnings per diluted share to be $1.11 to $1.16, fourth quarter to fall between $1.70 and $1.77, and for the full year in the range of $4.88 to $5.01 -- which will include Cost Plus Inc. (also known as World Market) and Linen Holdings for all of fiscal 2013.
Co-chairman Warren Eisenberg said the company sees the opportunity to grow BBB in excess of 1,300 stores, as well as its World Market, Christmas Tree Shops and buybiy Baby "from coast to coast." The company currently operates 1,484 stores, including: 1,009 Bed Bath & Beyond units in all 50 states, the District of Columbia, Puerto Rico and Canada; 266 stores under the names of World Market, Cost Plus World Market or Cost Plus; 86 buybuy BABY locations; 74 stores under a combination of the names of Christmas Tree Shops; and 49 stores under the names of Harmon or Harmon Face Values.
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