Bed Bath & Beyond reported financial results for the third quarter and nine months of fiscal 2014 ended November 29, 2014. For Q3 the company reported net earnings of $1.23 per diluted share ($225.4 million) compared with net earnings for Q3 2013 of $1.12 per diluted share ($237.2 million).
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Net earnings per diluted share for the third quarter of fiscal 2014 includes approximately $.04 of net benefits for certain non-recurring items, including credit card fee litigation.
Net sales for the fiscal third quarter of 2014 were approximately $2.943 billion, an increase of approximately 2.7% from net sales of approximately $2.865 billion reported in the fiscal third quarter of 2013.
Comparable sales in the fiscal third quarter of 2014 increased by approximately 1.7%, compared with an increase of approximately 1.3% in last year's fiscal third quarter.
For the fiscal nine months ended November 29, 2014, the company reported net earnings of $3.31 per diluted share ($636.4 million) compared with $3.20 per diluted share ($689.0 million) in the corresponding period a year ago.
Net sales for the fiscal nine months of 2014 were approximately $8.545 billion, an increase of approximately 2.9% from net sales of approximately $8.301 billion in the corresponding period a year ago. Comparable sales for the fiscal nine months of 2014 increased by approximately 1.9%, compared with an increase of approximately 2.7% in last year's fiscal nine months.
Cost Plus World Market was excluded from the comparable sales calculations through the end of the fiscal first half of 2013 and is included beginning with the fiscal third quarter of 2013. Linen Holdings is excluded from the comparable sales calculations and will continue to be excluded on an ongoing basis because it represents non-retail activity.
The $1.1 billion accelerated share repurchase program which commenced in July 2014 was completed in December 2014. As of November 29, 2014, the remaining balance of the $2.0 billion share repurchase program was approximately $1.8 billion. ■