Bed, Bath and Beyond NZ profits defy downturn and climb 7.5pc

National retailer Bed Bath & Beyond had a 7.5 per cent jump in profits in its last full year.

Auckland-based homeware retailer Bed, Bath and Beyond (New Zealand) lifted net profit by 7.5 per cent in the 2023 financial year, according to the company’s annual accounts posted to the Companies Office yesterday.

The company’s statutory profit for the year to July 2, 2023 came in at $9.25 million, up on the previous year’s $8.6m.

Revenue was up 10 per cent at $125.7m, with trading profit before tax at 12.9m, up 8.6 per cent.

The company paid a dividend to shareholders of $11m, down slightly on the previous year’s $13m.

Not to be confused with the United States company with the same name, Bed, Bath and Beyond in this country is 51 per cent owned by Sydney businessman Fred Bart, with the remaining shares split between Aucklanders Murray Carter (33 per cent) and Trevor Brown (15 per cent).

Established in 1995, Bed Bath & Beyond (NZ) is one of this country’s largest Manchester specialists with a nationwide chain of 57 stores.

In May, it was reported the Kiwi company was involved in an ongoing legal case relating to trademarks.

The case involved a similarly named Australian home decor and linen products retailer called Bed Bath n’ Table, which also has stores in New Zealand.

A note in Bed Bath & Beyond’s annual report last year referred briefly to the trademarks legal action, but provided no details.

Its latest accounts for the 2023 financial year noted that a settlement agreement had been reached after the year’s end.

The New Zealand company has feared much better than the US giant that bears the same name.

The Herald reported in April that the once-popular US retailer filed for Chapter 11 bankruptcy that month.

The New Zealand business has taken good advantage of the fact the US company never trademarked its brand here.

Alka Prasad is an Auckland-based business reporter covering small business and retail.