Union, N.J. -- Bed Bath & Beyond reported Wednesday that profit for the fourth quarter ended Feb. 26 rose 25% to $283.5 million, compared with $226 million a year earlier.
The company, which forecast earnings growth for the current year that would beat Wall Street estimates, also said it expects to open 45 new stores this year across its banners , which also include Christmas Tree Shops and buybuy Baby, and expects to continue renovating and relocating existing stores.
Revenue for the quarter surged 12% to $2.5 billion. Same-store sales rose 8.5%. Analysts expected $2.39 billion in revenue.
For the full year, the company earned $791.3 million, up from $600 million in the prior year. Sales rose 12% to $8.76 billion from $7.83 billion.