Here’s How Bed Bath & Beyond Beat Earnings Expectations

Bed, Bath & Beyond (NASDAQ:BBBYfollowed Walgreens (NYSE:WAG) and stuffed Wall Street’s earnings expectations into a shopping cart. Shares of the big box retailer are trading up over 5% after-hours.

Bed, Bath & Beyond Earnings Cheat Sheet

Earnings: Increased 24.6% to a profit of $188.6 million ($0.74/share) versus $151.3 million ($0.58/share) YoY.

Revenue: Up 11.1% YoY to $2.19 billion.

Actual vs. Wall St. Expectations: BBBY beat the street, as analysts were expecting EPS of $0.66/share on revenues of $2.1 billion.

Notable Stats: Comparable-store sales increased a whopping 7%.

BBBY’s Board of Directors authorized a new $2 billion share repurchase program for early fiscal 2011.

Outlook: BBBY raised guidance to between $2.86 and $2.90 a share for the full year. Wall Street was expecting $2.82 a share.

Competitors to Watch: Target Corporation (NYSE:TGT), Wal-Mart Stores, Inc. (NYSE:WMT), Pier 1 Imports, Inc. (NYSE:PIR), Williams-Sonoma, Inc. (NYSE:WSM), and Haverty Furniture Companies, Inc. (NYSE:HVT).

Commentary: Shares of BBBY are testing 2-year highs. The stock is comfortably above the 50 and 200DMA.

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Disclosure: No holdings in companies mentioned.