Citi Raises Estimates On Bed Bath & Beyond

According to Citi, Bed Bath & Beyond BBBY reported 1Q EPS of $0.72 vs. Street of $0.62 (we were in line), a +38.6% increase y/y. Citi said that guidance was for EPS of $0.58 to $0.61 (management tends to be conservative). “We are raising our FY12 estimates to $3.68 from $3.60. Primary changes to our model include flow through from 1Q results, higher SSS assumptions (on continued momentum and easier comparisons), SGA leverage on continued cost discipline.” Bed Bath & Beyond closed yesterday at $54.06.