Bed Bath and Beyond Stock Slides on Same-Store Sales Decline

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Bed Bath & Beyond (NASDAQ:BBBY) unveiled mixed quarterly earnings results as as earnings topped expectations, revenue met estimates and same-store sales fell year-over-year.

Bed Bath and BeyondThe retail chain said that for its first quarter of fiscal 2019, it brought in net income of about $43.6 million, which amounted to roughly 32 cents per share. In the year-ago quarter, the company posted stronger results as it brought in net income of $75.3 million, or 53 cents per share.

The figure included a charge of 6 cents per share from severance costs, as well as a gain of 5 cents per share on a benefit from new accounting standards. Analysts were calling for Bed Bath & Beyond to bring in earnings of about 31 cents per share for the period, according to data compiled from a survey conducted by FactSet.

The company added that it raked in revenue of about $2.75 billion for its first quarter, which was also better than its revenue from its first quarter of fiscal 2018 of $2.74 billion. The figure was in line with the Wall Street consensus estimate of $2.75 billion, according to data compiled by FactSet.

However, same-store sales fell for Bed Bath & Beyond by about 0.6% compared to the year-ago quarter, while analysts were projecting the company to gain same-store sales of 0.1%. The company predicts that its full-year earnings will be in the low-to-mid $2-a-share range, while analysts see this figure as being $2.27 per share.

BBBY stock fell about 5.1% after the bell following the company’s quarterly earnings miss. The company’s shares were up about 0.7% in anticipation of its report.


Article printed from InvestorPlace Media, https://investorplace.com/2018/06/bed-bath-and-beyond-bbby/.

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