Bed Bath & Beyond Inc (NASDAQ: BBBY)
Shares of Bed Bath & Beyond dropped as much as 15% in extended trading on Wednesday, after the company posted an unexpected decline in comparable sales.
Operating profit fell from $168.8 million to $78.9 million, as a result of increasing SG&A expenses and cost of sales.
Shares of the home goods retailer ended the regular session on Wednesday down $0.09, or 0.48% to change hands at $18.81. The stock has lost more than 14% since the beginning of the year.
BBBY Earnings & Outlook
The company posted net earnings of $48.6 million, or $0.36 per share for the quarter, down from $94.2 million, or $0.67 per share, in the second quarter of the previous year. Sales came in flat at $2.94 billion, compared with $2.936 billion in the year-ago period.
Analysts surveyed by Thompson Reuters expected the company to report adjusted earnings of $0.50 per share on $2.96 billion sales. Comparable sales dropped by nearly 0.6% during the quarter, missing to beat expectations for a 0.3% rise.
The company said it is still on “track to achieve moderating declines in operating profit and net earnings per diluted share in fiscal 2018 and fiscal 2019, and to achieve growth in net earnings per diluted share by fiscal 2020.”
Bed Bath & Beyond, Inc Company Profile
Bed Bath & Beyond, Inc. engages in the operation of retail stores and retails domestics merchandise and home furnishings.
It operates through the Bed Bath & Beyond, Christmas Tree Shops, Christmas Tree Shops andThat! Harmon or Harmon Face Values, buybuy BABY, and World Market, Cost Plus World Market or Cost Plus brands.
Its products include domestic merchandise and home furnishings such as bed linens and related items, bath items, kitchen textiles kitchen and tabletop items, fine tabletop, basic house wares, general home furnishings, and consumables.
The company was founded by Warren Eisenberg and Leonard Feinstein in 1971 and is headquartered in Union, NJ. – CNN Money
