Bed Bath & Beyond Inc. said profit fell for the fifth straight quarter and lowered its annual forecast as customers flocked to liquidation sales at rival Linens 'n Things Inc.
Bed Bath & Beyond, based in Union, N.J., projected earnings of $1.50 to $1.56 a share for the year, compared with $2.10 a year earlier. In September, the company said annual profit would decline in the low double digits to mid-teens on a percentage basis from 2007.
Net income fell 37% to $87.7 million, or 34 cents a share, in the third quarter, which ended Nov. 29, the company said. Sales fell 0.7% to $1.78 billion.