June 22 (Bloomberg) -- Bed Bath & Beyond Inc. gained in New York trading after saying profit in its current fiscal year will gain more than the retailer previously expected as sales climb.
The shares gained $1.27, or 2.3 percent, to $55.33 at 5 p.m., after the close of regular Nasdaq Stock Market composite trading. The Union, New Jersey-based company’s shares had advanced 10 percent this year.
Earnings per share will rise 15 percent to 20 percent in the year ending February 2012, accelerating from a previous projection of 10 percent to 15 percent, Bed Bath & Beyond said today in a statement. That translates into profit of as much as $3.68 a share, topping the $3.54 average estimate of 23 analysts in a Bloomberg survey. Profit was $3.07 a share last year.
Chief Executive Officer Steven Temares increased the home- furnishings retailer’s revenue 9.7 percent to $2.11 billion in the first quarter, exceeding analysts’ estimates. Sales at stores open at least 12 months climbed 7 percent.
--Editors: Kevin Orland, James Callan.
To contact the reporter on this story: Chris Burritt in New York at email@example.com
To contact the editor responsible for this story: Robin Ajello at firstname.lastname@example.org.