Same Store Sales Increase For BB&B
Bed Bath & Beyond had its first same-store sales increase in nearly four years. Its online business surged more than 80 per cent during the quarter as shoppers stocked up on disposable face masks, college dorm décor, and patio furniture. The company saw two million new customers during the period, many of them younger and spending more money per trip. The sales gains, plus lower spending on promotions and the use of its stores to fulfill more online orders, helped swing the company to a profit. Net income rose to $217.9 million from a loss of $138.8 million a year ago. Net sales fell about one per cent to $2.69 billion from $2.72 billion a year earlier, but were better than the expectations of $2.6 billion.