Bed Bath and Beyond (NASDAQ:BBBY) reported its quarterly earnings results late today, bringing in a profit that was stronger than what analysts called for on an adjusted basis, while revenue missed the Wall Street consensus outlook–BBBY stock is up more than 3% after hours Wednesday.
For its first quarter of its fiscal 2019, the Union, New Jersey-based domestic merchandise retail chain announced that it posted net losses of $371.1 million, or $2.91 per share. When adjusting for the impairment charge as well as severance and other costs, the company brought in earnings of 12 cents per share, which marked a decline of 26 cents per share when compared to the year-ago quarter.
Bed Bath & Beyond added that its revenue for the three-month period tallied up to $2.57 billion, which marked a decline when compared to its $2.75 billion in sales during the year-ago quarter. Analysts were calling for the business to bring in revenue of $2.58 billion, per StreetInsider.
The company added that its comparable sales for the period fell about 6.6% when compared to the year-ago quarter. Bed Bath & Beyond did face an impairment charge of $401 million during the period, which is similar to a non-cash charge of more than $500 million it faced during the same period a year ago, both of which it disclosed as “goodwill and tradename impairments related to the North American Retail reporting unit; and tradename impairments related to the Institutional Sales reporting unit.”
For its fiscal 2019, the company now sees its earnings on the lower end of its guidance of $2.11 to $2.20 per share, higher than the consensus estimate of $1.98 per share.