Bed Bath profit tops Street; to buy back shares

By @ibtimes on

Bed Bath & Beyond reported a better-than-expected quarterly profit as U.S. consumers spent more on their homes.

On Wednesday, the operator of the Bed Bath & Beyond, Christmas Tree Shops, Harmon and buybuy Baby chains also announced that its board has approved a new plan to buy back $2 billion in common shares.

Shares of Bed Bath rose 5 percent in after-market trading, compared with a regular-session close of $47.67.

Net income rose to $188.6 million, or 74 cents a share, in the fiscal third quarter ended November 27, from $151.3 million or 58 cents a share, a year earlier.

Analysts, on average, were expecting a profit of 66 cents a share, according to Thomson Reuters I/B/E/S.

Sales rose about 11.1 percent to $2.19 billion, beating the analysts' average estimate of about $2.11 billion.

(Reporting by Dhanya Skariachan, editing by Matthew Lewis)

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