Bed Bath & Beyond Inc. (Union, N.J.) reported a net earnings increase of 54.3 percent for the fiscal first quarter ended June 1, 2002. Net sales jumped 34.9 percent in the quarter and same-store sales were up 13.2 percent.
The home goods retailer opened 13 new stores during the fiscal first quarter, adding approximately 357,000 square feet of retail space. It now has about 20 percent more total store space than it had at this time last year. And it has opened another six new stores this month (since the beginning of its second quarter). The company said it has plans to open approximately 88 stores, in both new and existing markets, during fiscal 2002, (which ends on March 1, 2003).