Bed Bath & Beyond sales, earnings up in Q2

UNION, N.J. — Bed Bath and Beyond's earnings per diluted share for its second quarter rose 5.4% from 98 cents ($224.3 million) from 93 cents ($229.4 million) last year.

The company reported net sales of approximately $2.6 billion, an increase of approximately 12.1% from net sales of approximately $2.3 billion reported in the fiscal second quarter of 2011.  Comparable-store sales in the fiscal second quarter of 2012 increased by approximately 3.5%, compared with an increase of approximately 5.6% in last year's fiscal second quarter.  

For the fiscal first half, the company reported net earnings of $1.87 per diluted share ($431.2 million), an increase of approximately 13.3% over net earnings of $1.65 per diluted share ($410 million) in the corresponding period a year ago.  Net sales for the fiscal first half of 2012 were approximately $4.811 billion, an increase of approximately 8.8% from net sales of approximately $4.424 billion in the corresponding period a year ago.  Comparable-store sales for the fiscal first half of 2012 increased by approximately 3.3%, compared with an increase of approximately 6.3% in last year's fiscal first half.

Bed Bath & Beyond is expecting net earnings per diluted share to be approximately 99 cents to $1.04 for the fiscal third quarter and continues to expect net earnings per diluted share to increase by a high single to a low double digit percentage range for all of fiscal 2012, which will be 53 weeks a