Despite only mixed expectations in the retail sector, Bed Bath & Beyond Inc. announced profit growth of 73 percent on higher sales in the third quarter. The figures exceeding analyst expectations and pushed the stock up in after hours trading,
The climbing share prices are also due in part to analysts’ expectations for a continuation of the success experienced by the homewares company in
Bed Bath & Beyond saw a 58 cent rise per share in the third quarter, a posted income of $151.3 million as opposed to $87.7 million a year earlier. Revenue exceeded analyst predictions of $1.9 billion, rising 11 percent to reach $1.98 billion.
In-store sales for locations opened more than a year also improved by 7.3 percent for the quarter.
Prompting heavy buying, the house related retailers forecast Bed Bath & Beyond’s fiscal fourth-quarter profit to reach 71 cents per share.
Shares spiked 8 percent in after hours trading, up $3.14 to $42.37 after reaching $39.23 before the bell.
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