X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

UNION, NJ-Bed Bath & Beyond will cut store openings next year, but remains poised to take advantage of real estate opportunities that occur, executives said at the company’s third quarter conference call.

While the company will open an unspecified number of new stores in each of its formats, the total will be fewer than in fiscal 2008. However, the company is keeping its options open.

“We continue to believe that there is an opportunity for to open in excess of 400 additional Bed Bath & Beyond [stores] in the United States,” said Leonard Feinstein, co-chairman. “We believe real estate continues to adjust in this evolving economic environment, and we remain flexible to take advantage of additional opportunities that may occur.”

Net sales for the quarter were approximately $1.783 billion, down approximately 0.7% from the fiscal third quarter of 2007. Comp-store sales dropped approximately 5.6%. Net earnings were $87.7 million, compared with earnings of $138.2 million in the year-ago period.

As of November 29, 2008, the company had a total of 1,021 stores, including 921 Bed Bath & Beyond stores in 49 states, the District of Columbia, Puerto Rico and Canada, 48 Christmas Tree Shops stores, 11 buybuy BABY stores, and 41 stores Harmon or Harmon Face Values units.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.