Bed Bath & Beyond is also growing its other chains. There are 12 new Christmas Tree Shops planned next year, on top of the 39 it currently operates, and "several" additions to the 40-unit Harmon discount-cosmetic chain, as well as the eight-location buy buy Baby concept.
Bed Bath & Beyond's same-store sales rose 0.8% during the third quarter, which ended Dec. 1, while net sales rose 10.8%, to just under $1.8 billion. Net earnings fell to $138.2 million from $142.4 million during the same year-ago period.
Executives are predicting flat same-store sales for the fourth quarter, and 2% to 4% decrease in net sales, due to challenges in the macroeconomic environment.
"The business environment remains challenging particularly in areas most affected by housing market issues," said Ronald Curwin, Bed Bath & Beyond's senior vice president of investor relations, during a conference call. "Concerns about the economy, consumer spending, energy prices, housing and credit availability in particular persist."
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