10:45 AM New York – Bed Bath first quarter net soared 24% to $206.8 million. ConAgra fourth quarter net swung to $86.2 million loss. CarMax first quarter net falls 4.4% to $120.7 million. Micron Technology third quarter net swung to $320 million loss. Rite Aid first quarter net loss narrowed 55% to $28.1 million.

Earnings Review

Apogee Enterprises, Inc. (APOG), the glass products maker reported total revenues in the first quarter ending on June 2 rose 1% to $154.1 million compared to $153.3 million in the same period last year. Net earnings in the quarter swung to $1.61 million or 6 cents per diluted share compared to net loss of $2.18 million or 8 cents per share a year ago earlier.

The company increased earnings outlook for fiscal 2013 to 48 cents to 58 cents per share.

Bed Bath & Beyond Inc. (BBBY), the retail store chain reported total revenues in the first quarter ending on May 26 grew 5.1% to $2.22 billion compared to $2.11 billion in the same period last year. Comparable store sales increase declined to 3% from increase of 7% in last year quarter.

Net income in the quarter soared 24% to $206.8 million or 89 cents per diluted share compared to $180.6 million or 72 cents per share a year ago.

The retailer estimated fiscal second quarter net earnings per share between 97 cents to $1.03. On May 9, the company agreed to acquire all outstanding shares of Cost Plus, Inc. a home decorating items and gifts retailer.

ConAgra Foods, Inc. (CAG), the food company reported fourth quarter net rose 6.3% to $3.41 billion compared to $3.21 billion in the same period last year. Net loss in the quarter swung to $86.2 million or 21 cents per diluted share compared to net profit of $250.1 million or 60 cents per share a year ago.

For fiscal 2013 the company expected 6% to 8% growth of comparable EPS base of $1.84 in fiscal 2012 as pension accounting change was adopted in the fourth quarter.

CarMax, Inc. (KMX), the holding company reported total revenues in the first quarter ending in May rose 4% to $2.77 billion compared to $2.68 billion in the same period last year. Used unit sales in comparable stores were flat for the quarter. Net income in the quarter slid 4.4% to $120.7 million or 52 cents per diluted share compared to $125.5 million or 54 cents per share a year ago earlier.

Wholesale unit sales fell 2% in the quarter from increases of 32% and 52% in the first quarter of last two years.

Micron Technology, Inc. (MU), the memory chip maker said third quarter net sales rose 1.4% to $2.17 billion from $2.14 billion in the same quarter last year. Net loss in the quarter swung to $320 million or 32 cents per diluted share compared to $75 million or 7 cents per share for the year ago quarter.

Philip Morris International Inc. (PM), the cigarette manufacturer revised its 2012 reported diluted earnings per share forecast in a range of $5.10 to $5.20 on a constant currency basis compared to its April forecast of $5.20 to $5.30 a share.

Red Hat, Inc. (RHT), the software company reported total revenues in the first quarter ending in May soared 19% to $314.7 million compared to $264.7 million in the same period last year. Net income in the quarter surged 15% to $37.5 million or 19 cents per diluted share compared to $32.5 million or 17 cents per share a year ago.

Subscription revenue for the quarter was $272.6 million increased 21% from a year ago period.

Rite Aid Corporation (RAD), the retail drugstore chain said first quarter revenues increased 1.2% to $6.5 billion from $6.4 billion last year. Same store sales for the quarter increased 2.5% over the prior-year period, consisting of a 2.7% increase in front end sales and a 2.4% increase in pharmacy sales.

Net loss in the quarter narrowed 55% to $28.1 million or 3 cents per diluted share compared to net loss of $63.1 million or 7 cents per share last year.

Steelcase Inc. (SCS), the office furniture maker reported total revenues in the first quarter ending on May 25 grew 5.6% to $675.2 million compared to $639.4 million in the same period last year. Net income in the quarter surged 76% to $13.2 million or 10 cents per diluted share compared to $7.5 million or 6 cents per share a year ago.

Sonic Corp. (SONC), the restaurant operator reported total revenues in the third quarter ending in May fell to $149.4 million compared to $152.1 million in the same period last year. Net income in the quarter swung to $14.41 million or 24 cents per diluted share compared to net loss of $4.65 million or 8 cents per share a year ago earlier.