FINANCE

Bed, Bath & Beyond Q3 growth below expectations; cuts outlook

BY Dan Berthiaume

Union, N.J. — Bed Bath & Beyond Inc.’s third quarter net earnings rose to $237.2 million, less than Wall Street expected, from $232.8 million in the year-ago period, as higher costs and expenses impacted sales growth. The company trimmed its full-year earnings outlook.

Revenue for the three months ended Nov. 30 rose 6% to $2.87 billion, from $2.7 billion. Same-store sales increased 1.3%.

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FINANCE

Urban Outfitters grows holiday sales 8%

BY Dan Berthiaume

Philadelphia – Net sales at Urban Outfitters for the two months ended Dec. 31, 2013, increased to $716 million, or 8% from the same period in the previous year. Same-store retail segment net sales, which include the direct-to-consumer channel, increased 3%.

Same-store retail segment net sales increased 21% at Free People and 11% at Anthropologie and decreased 6% at Urban Outfitters. Wholesale segment net sales increased 21%.

"I am pleased to announce record sales for the 2013 holiday period," said Richard A. Hayne, CEO. "Our Anthropologie and Free People brands delivered outstanding results despite the extreme promotional retail environment."

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FINANCE

American Eagle Q4 revenues, same-store sales decline

BY Dan Berthiaume

Pittsburgh – Total net revenue for American Eagle Outfitters, Inc. decreased 2% to $882 million during the fourth quarter of fiscal 2013, compared to $904 million for the same quarter a year earlier. Consolidated same-store sales decreased 7%, compared to a 5% increase for the comparable period in 2012.

The company expects fourth quarter earnings per share (EPS) to be approximately $0.26 per diluted share, on the bottom end of the previous EPS guidance of $0.26 to $0.30 per diluted share. The guidance excludes potential asset impairment and restructuring charges.

“Following a solid Thanksgiving weekend, traffic and sales through Christmas week were on the low end of our expectations and the retail environment was highly promotional, pressuring margins and EPS,” said Robert Hanson, CEO. “Our post-Christmas clearance event is meeting our expectations and we expect to end the year with inventories on plan. We are intensely focused on making fundamental improvements to our business as we adapt to a fast-changing retail landscape.”

The company will release fourth quarter and annual 2013 fiscal results prior to the market’s open on March 11, 2014.

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