Shares of Bed Bath & Beyond Inc., a home decor and housewares retailer, jumped the most in almost a year Thursday after its fourth-quarter earnings topped analysts’ estimates.
The stock rose 10 percent to $72.67 at 2:57 p.m. in New York, the biggest intraday gain since April 7 last year and their highest value since it sold shares in 1992. The stock has gained 14 percent this year before Thursday.
Net income increased 24 percent to $351 million, or $1.48 a share in the three months ended Feb. 25, compared with $283 million, or $1.12, a year ago, the Union, New Jersey-based company said in a statement Wednesday. Analysts projected profit of $1.32 a share, the average of estimates compiled by Bloomberg.
Bed Bath & Beyond, along with other retailers, benefited from favorable weather during the holiday season, which helped boost sales during the fourth quarter. Comparable-store sales rose 6.8 percent in the period.
The company forecast first-quarter earnings per share excluding certain items will be about 79 cents to 83 cents.
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