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Bed Bath & Beyond Inc beats expectations in fourth quarter

Last updated: 23:37 07 Apr 2016 AEST, First published: 18:37 07 Apr 2016 AEST

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Shares were on the up for Bed Bath & Beyond

Investors cheered houseware retailer Bed Bath & Beyond Inc’s (NASDAQ:BBBY) 2015 fourth quarter results on Thursday.

The company beat expectations for the quarter that ended Feb 27 reporting earnings of US$1.91 a share, or US$303.5mln, compared to expectations of US$1.81 per share.

Sales climbed 2.4%to US$3.4bn from US$3.3bn in the previous quarter, which rose to 2.8% when forex changes were stripped out. Analysts had forecast revenue of $3.39bn.

Bed Bath & Beyond saw online sales grow more than 25%, while sales at stores open at least a year were relatively flat during the quarter.

The firm also announced its first quarterly dividend of twelve and a half cents per share, which will be paid on July 19 to shareholders of record as of June 17.

Shares of Bed Bath & Beyond, which have been flat in the year so far, rose in early deals by around 3.8% to US$50.63.

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