Bed Bath & Beyond Earnings: BBBY Stock Slides on Q4 Loss, Adj EPS Beat

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Bed Bath & Beyond (NASDAQ:BBBY) reported its results for its latest quarter, amassing adjusted earnings that topped expectations, sales that met the mark, yet a surprising quarterly loss sent BBBY stock down more than 5% after hours Wednesday.

Bed Bath & Beyond EarningsThe Union, New Jersey-based kitchen and bedroom products retailer brought in a fourth quarter loss of $253.8 million, or $1.92 per share, compared to earnings of $194 million, or $1.41 per share, during its year-ago period. When adjusted for a non-cash impairment charge and other one-time items, the business brought in earnings of $1.20 per share.

Analysts were calling for FactSet to bring in GAAP earnings of $1.12 per share, as well as adjusted earnings of $1.11 per share. Sales came in at $3.33 billion for Bed Bath & Beyond, falling 11% year-over-year and in line with Wall Street’s guidance of $3.33 billion, per FactSet.

The retailer’s comparable-store sales fell 1.4% on the period, wider than the projected decline of roughly 1.3%. Bed Bath & Beyond added that its board of directors authorized a dividend increase from 16 cents per share to 17 cents per share, payable July 16 to shareholders on record as of June 14.

The business added that its corporate governance review is currently ongoing and the company plans on making more changes to its board, structure and compensation “in the near future.”

BBBY stock was up 5.1% during regular trading Wednesday, but the GAAP loss played a role in shares sinking 5.4% after the bell.


Article printed from InvestorPlace Media, https://investorplace.com/2019/04/bed-bath-beyond-earnings-bbby-stock/.

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