Bed Bath & Beyond Inc., a home decor and housewares retailer, jumped the most in almost a year after its fourth-quarter earnings topped analysts’ estimates yesterday.
The company rose 8.5 percent to $71.85 at the close in New York, the biggest gain since April 7 last year and the stock’s highest value since the company sold shares in 1992. The stock has gained 24 percent this year.
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 yesterday. 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.