Less than desirable economic conditions don’t seem to faze Bed Bath & Beyond, which again this week reported another quarter of strong financial results. The company said its earnings per share for the third-quarter period ended Nov. 27 increased 28% to 74 cents, handily exceeding analysts’ consensus estimate of 66 cents. Sales increased roughly 11% to $2.2 billion and same store sales advanced 7% on top of a prior-year comp increase of 7.3%.
The earnings beat and strong comp figures coupled with the announcement of a new $2 billion share repurchase program drove shares of the company to a new 52-week high above $50.
“Although economic challenges persist, our fundamental business strategy has remained unchanged. To offer a broad assortment of merchandise at every day low price with superior customer service,” CEO Steve Temares said during a conference call. “As always, we will continue to work to enhance our customers’ overall shopping experience and we r