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Bed Bath & Beyond sees 53% EPS growth

UNION, N.J. Bed Bath & Beyond reported net earnings of 52 cents per diluted share ($137.6 million) in the fiscal first quarter ended May 29, an increase of approximately 53% versus net earnings of 34 cents per diluted share ($87.2 million) in the same quarter a year ago.

Net sales for the fiscal first quarter of 2010 were approximately $1.923 billion, an increase of approximately 13.5% from net sales of approximately $1.694 billion reported in the fiscal first quarter of 2009.  Comparable-store sales in the fiscal first quarter of 2010 increased by approximately 8.4%, compared with a decrease of approximately 1.6% in last year's fiscal first quarter.

For the fiscal second quarter of 2010, the company said it is modeling net earnings per diluted share to be approximately 59 cents to 63 cents.  For fiscal 2010, the company said it is modeling net earnings per diluted share to increase by approximately 15%.