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Lehman Raises Bed & Bath Estimates

Lehman Brothers raised its estimates on Bed Bath Beyond (BBBY).

Alan Rifkin says the company reported another outstanding quarter. He notes $0.25 second-quarter EPS vs. his $0.18 estimate. He says sequential improvement in operating margin is consistent with what the company has done in the last seven years. Additionally, 8% higher same store sales was above his 5% growth estimate.

Rifkin cited strong traffic and inventory levels. He says he thinks the company is accelerating store openings, and expects Bed & Bath to open more stores this year than originally planned. Rifkin raised his fiscal 2003 (Feb.) earnings per share estimate to $0.96, and upped the fiscal 2004 estimate to $1.19.

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