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Bed Bath & Beyond fiscal Q3 profit falls 11.4% YOY

Bed Bath & Beyond Inc. said its normalized net income for the fiscal third quarter ended Nov. 29, 2014, was $1.13 per share, compared with the S&P Capital IQ consensus estimate of $1.19 per share.

EPS climbed year over year from $1.11.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $208.2 million, a decline of 11.4% from $235.0 million in the year-earlier period.

The normalized profit margin fell to 7.1% from 8.2% in the year-earlier period.

Total revenue grew year over year to $2.94 billion from $2.86 billion, and total operating expenses grew on an annual basis to $2.59 billion from $2.49 billion.

Reported net income decreased 4.9% from the prior-year period to $226.1 million, or $1.23 per share, from $237.8 million, or $1.12 per share.