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Bed Bath and Beyond earnings surge 14% in Q4

UNION, N.J. — Bed Bath & Beyond Inc. reported net earnings of $1.68 per diluted share ($373.9 million) in the fiscal fourth quarter ended March 2, 2013, an increase of approximately 14% versus net earnings of $1.48 per diluted share ($351 million) in the same quarter a year ago.  

Net sales for the fiscal fourth quarter (fourteen weeks) of 2012 were approximately $3.4 billion, an increase of approximately 24.5% from net sales of approximately $2.7 billion reported in the fiscal fourth quarter (thirteen weeks) of 2011.  Comparable-store sales in the fiscal fourth quarter of 2012 increased by approximately 2.5%, compared with an increase of approximately 6.8% in last year's fiscal fourth quarter.  

For the fiscal year, the company reported net earnings of $4.56 per diluted share ($1.04 billion), an increase of approximately 12% over net earnings of $4.06 per diluted share ($989.5 million) in the corresponding period a year ago.  

Net sales for fiscal 2012 were approximately $10.9 billion, an increase of approximately 14.9% from net sales of approximately $9.500 billion in the corresponding period a year ago (fifty-two weeks).  Comparable-store sales for fiscal 2012 increased by approximately 2.7% compared with an increase of approximately 5.9% last year. 

The company said it expects net earnings per diluted share to be approximately 88 cents to 94 cents for the fiscal first quarter of 2013 and to increase by a mid single to a low double digit percentage range for the full year, which will include World Market and Linen Holdings for the full fiscal year.  

During the fiscal fourth quarter, the company opened one Bed Bath & Beyond store, and four buybuy BABY stores. 

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