Bed Bath & Beyond defies downturn with net profit up 7.5 per cent

(Source: Bed Bath & Beyond)

Auckland-based homeware retailer Bed Bath & Beyond has posted a 7.5 per cent growth in net profit for FY23.

The company’s statutory profit for the year ended July 2 increased to $9.25 million from $8.6 million last year, the NZ Herald reported. 

Revenue jumped 10 per cent to $125.7 million, and trading profit before tax increased 8.6 per cent to $12.9 million.

Founded in 1995, Bed Bath & Beyond is one of New Zealand’s largest Manchester specialists with 57 stores nationwide. Sydney businessman Fred Bart owns 51 per cent of the company, while the remaining shares split between Aucklanders Murray Carter (33 per cent) and Trevor Brown (15 per cent).

The company is completely separate from the US retailer with the same name, which filed for bankruptcy in April last year.

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