Bed Bath & Beyond shares sink after a 2Q earnings miss, lowered guidance
Bed Bath & Beyond Inc (NASDAQ:BBBY) missed analyst estimates in its fiscal second-quarter results and lowered its full-year net sales model, sending its share falling double digits.
The specialty retailer reported earnings of $0.36 per share on revenue of $2.94 billion compared with $0.67 EPS on revenue of $2.94 billion in the previous year’s second quarter.
READ: Ascena Retail Group shares jump after beating Wall Street’s fiscal 4Q revenue and profit expectations
The New Jersey-based company fell below Wall Street estimates of $0.50 EPS on revenue of $2.96 billion.
Shares plunged more than 16% to $15.70 in Wednesday after-hours trading.
For the year ahead, the retailer lowered its net sales model with comparable sales expected to be relatively flat to last year. Net earnings per diluted share for the full year are expected to be at the low end of its prior range at $2.
The company ended the quarter with $1.1 billion in cash, nearly double the $563 million reported in the previous second quarter.
The board of directors today declared a quarterly dividend of $0.16 per share payable on January 15, 2019 to shareholders of record at the close of business on December 14, 2018.
The retailer operates a chain of home goods stores in the US and Canada, including namesake Bed Bath and Beyond, buybuy BABY, Christmas Tree Shops and Harmon Face Values.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/205798/bed-bath-beyond-shares-sink-after-a-2q-earnings-miss-lowered-guidance-205798.html
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