Bed Bath & Beyond: Fiscal 1Q Earnings Snapshot
UNION, N.J. (AP) _ Bed Bath & Beyond Inc. (BBBY) on Wednesday reported a fiscal first-quarter loss of $371.1 million, after reporting a profit in the same period a year earlier.
The Union, New Jersey-based company said it had a loss of $2.91 per share. Earnings, adjusted for one-time gains and costs, were 12 cents per share.
The results topped Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 8 cents per share.
The home goods retailer posted revenue of $2.57 billion in the period, which fell short of Street forecasts. Eight analysts surveyed by Zacks expected $2.58 billion.
Bed Bath & Beyond expects full-year earnings in the range of $2.11 to $2.20 per share, with revenue in the range of $11.4 billion to $11.7 billion.
Bed Bath & Beyond shares have climbed roughly 2% since the beginning of the year, while the Standard & Poor’s 500 index has increased 19%. In the final minutes of trading on Wednesday, shares hit $11.52, a drop of 44% in the last 12 months.