Bed Bath & Beyond Posts 31% Profit Gain

Bed Bath & Beyond Inc. said profit grew 31% in its fiscal first- quarter to $23.4 million, or 16 cents a share, beating estimates by a penny, as sales surged 29% to $462.7 million. The Union, N.J.-based company benefited from adding to its chain of home furnishings stores, including 10 superstores. Sales at stores open at least a year rose 5%. The company said it still expects same-store sales to increase by 3% to 5% this year. Bed Bath & Beyond closed up 75 cents at $35.69 on Nasdaq, before the company announced its earnings results.