Oppenheimer Looks Favorably Upon BBBY's Better-Than-Expected 3Q

Oppenheimer said today that it looks very favorably upon the much better-than-expected 3Q (Nov.) results and updated FY10 (Feb. 2011) outlook that Bed Bath & Beyond Inc. BBBY reported last night. “Sales trends have accelerated significantly at BBBY lately with two-year comps in 3Q of +14.3% vs. +6.8% in 2Q (Aug),” Oppenheimer writes. “BBBY impressively continues to control costs well even as sales shift higher.” Oppenheimer said that the several positives in BBBY's release should offset indications of weaker gross margins at the chain, adding, “Our rating on BBBY is Outperform.” Bed Bath & Beyond closed Wednesday at $47.67.