REUTERS

(REUTERS)

Bed Bath & Beyond Posts Higher Sales, Shares Rise

Earnings Reuters

Home furnishings retailer Bed Bath & Beyond Inc (BBBY) reported a 4.3 percent jump in quarterly sales as increased discounting and promotions helped attract more shoppers to its stores.

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The company's shares rose about 7 percent in after-market trading.

Net sales rose to $2.94 billion in the second quarter ended Aug. 30, from $2.82 billion a year earlier.

Same-store sales rose about 3.4 percent.

The company's net earnings fell to $224.0 million, or $1.17 per share, from $249.3 million, or $1.16 per share.

Bed Bath & Beyond's shares closed at $62.69 on the Nasdaq on Tuesday. 

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(Reporting by Devika Krishna Kumar in Bangalore; Editing by Sriraj Kalluvila)