This excerpt taken from the BBBY 8-K filed Jun 5, 2007.
UNION, New Jersey, June 4, 2007 --- Bed Bath & Beyond Inc. today announced that it is presently estimating net earnings for the fiscal first quarter ended June 2, 2007 of approximately $.36 to $.38 per diluted share versus $.35 per diluted share as reported in the first quarter last year. The increase in the Companys comparable store sales for the quarter is estimated to be approximately 1.6% as compared with the planned increase of 3 to 5%. Net sales for the fiscal quarter (including buybuy BABY from the date of acquisition), are estimated to increase by approximately 11% from net sales reported a year ago. The Company opened six new Bed Bath & Beyond stores and one new Christmas Tree Shops store during the fiscal first quarter.
The Company expects to report its actual results for the fiscal first quarter after the close of trading on Wednesday, June 27, 2007, and will update guidance for the full year during its conference call scheduled for 5:00 PM (EDT) on that date. The Company does not undertake any obligation to update its forward-looking statements or make pre-announcements such as that contained in this press release.
Steven H. Temares, Chief Executive Officer and Member of the Board of Directors of Bed Bath & Beyond Inc. stated, Based upon what we have experienced and has been reported by others, the overall retailing environment, especially sales of merchandise related to the home, has been challenging. The efforts of our associates and their ability to execute remain at high levels. We continue to base our decisions upon what is necessary to achieve our long-term objectives. While we did not achieve all of our financial goals during our initial fiscal quarter of 2007, we remain optimistic that this year will be our best ever.