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Costs eat into Bed Bath's profit
June 26, 2013 / 8:46 PM / 4 years ago

Costs eat into Bed Bath's profit

June 26 (Reuters) - U.S. home goods chain Bed Bath & Beyond Inc missed Wall Street’s profit estimates in the first quarter as higher costs offset better-than-expected sales.

The company, which has been aggressively investing in ecommerce, said its first-quarter net earnings were $202.5 million, or 93 cents a share, compared with $206.8 million, or 89 cents a share, a year earlier.

Excluding a tax benefit, it earned 92 cents a share, missing the analysts’ average estimate by a cent, according to Thomson Reuters I/B/E/S.

Sales rose 17.8 percent to $2.61 billion, coming in above the analysts’ average estimate of $2.60 billion.

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