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Bed Bath and Beyond (NASDAQ: BBBY) said Wednesday night (post-close) that fourth-quarter earnings rose 56% year over year to 86 cents per share, easily trumping analysts’ expectations of 73 cents. Revenue rose 16.7% from last year, also exceeding what Wall Street was hoping for. Finally, same-store sales grew 11.5% in the period, versus a 4.3% decline last year at this time. Looking forward, BBBY officials said they expect earnings to grow 10%-15% in fiscal year 2011. So it is clear that the American consumer is continuing to spend (at least on towels, kitchen supplies, and candles).

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