Bed Bath & Beyond Inc. (Union, N.J.) announced a 27.4 percent increase in net earnings for its fiscal fourth quarter 2002, ended March 1, 2003. Net sales for the quarter were up 19.4 percent and same-store sales increased by 4.1 percent.
For the year, net earnings jumped 37.6 percent, the 11th consecutive year of record earnings since the company went public in 1992. Net sales for the year were up 25.2 percent and same-store sales climbed 7.9 percent.
Bed Bath & Beyond, the largest domestic goods superstore retailer in the U.S. (with 470 stores in 44 states and annual sales of nearly $3 billion), also announced the promotion of president and coo Steven Temares to ceo. Current ceo Warren Eisenberg and co-founder Leonard Feinstein will continue in their capacities as co-chairmen, and Temares will remain president.
During the last quarter, the retailer opened three new stores, relocated one and closed one. For fiscal 2002, 95 new stores were opened (or had planned openings in fiscal 2003) and total retail square footage increased by 17.2 percent. Since the beginning of the current fiscal year, on March 2, 2003, six new Bed Bath & Beyond stores have been opened.
Bed Bath & Beyond also operates 29 Harmon Stores, selling health and beauty care products, in three states.