Bed Bath & Beyond Earnings Rise 29%

Bed Bath & Beyond Inc. reported a better-than-expected fiscal fourth-quarter profit and raised forecasts for the first quarter and full year as the largest U.S. household-goods retailer added stores and sold more items such as bedding and picture frames.

Net income grew 29% to $82.7 million, or 28 cents a share, 2 cents better than the average estimate of analysts polled by Thomson Financial/First Call.

Sales rose 18% to $879.1 million, and sales at stores open at least a year surged 12%.

The Union, N.J.-based company said it now expects earnings of 91 cents for the full year, compared with its earlier forecast of 88 cents and analyst’s average estimate of 89 cents, and first-quarter profit of 13 cents, a penny better than Wall Street expectations.

Shares of the Union, N.J.-based company rose as high as $33.19 after the close of regular U.S. trading. The shares had closed up 14 cents at $31.59 on Nasdaq before the earnings news was released.