Bed Bath & Beyond (NASDAQ:BBBY) swung higher after hours after its second-quarter results exceeded expectations on higher sales, leading the retailer to increase its full-year guidance.
The Union, NJ-based company posted net earnings of $181.8 million, or 71 cents a share, compared with $135.5 million, or 53 cents a share, in the same quarter last year.
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Excluding one-time items, earnings were up 35% to 70 cents a share, topping analyst estimates of 63 cents, according to a Thomson Reuters poll.
Revenue for the chain retailer of products such as bed linens and kitchen textiles was $2.14 billion, up 11.6% from $1.9 billion a year ago, and marginally beating the Street’s view of $2.1 billion.
Earnings were boosted by stronger comparable sales, up 7.4% from the prior-year quarter.
Also last quarter, the company, which also runs Harmon discount stores and Christmas Tree Shops, repurchased some $193 million, or 4.9 million, of its shares.
The company raised its full-year view on the positive results, now expecting Fiscal 2010 earnings to increase 20%, compared with its earlier prediction of 15%.