By Nathan Becker
Bed Bath & Beyond Inc. reported a 25% rise in fiscal-fourth-quarter profit, as the housewares retailer continued its sales rebound.
The company has been increasing its market share, while also cutting back on promotions and advertising costs.
Shares jumped 8.2% to $53.49 in after-hours trading on Wednesday.
For the quarter ended Feb. 26, Bed Bath reported a profit of $283.5 million, or $1.12 a share, up from $226 million, or 86 cents a share, a year earlier.
Revenue jumped 12% to $2.5 billion, while sales at stores open at least a year rose 8.5%.
The company had most recently forecast earnings of 91 cents to 95 cents a share, and analysts expected $2.39 billion in revenue.
Gross margin rose to 43% from 42.6%.
The company forecast earnings for the current quarter of 58 cents to 61 cents a share. The company also said it expects per-share earnings to jump by 10% to 15% for the full year.
Analysts polled by Thomson Reuters expect earnings of 60 cents a share for the quarter and 14% growth for the full year.
