Union, N.J. – Bed, Bath and Beyond Inc. had a difficult first quarter of fiscal 2014, missing Wall Street estimates on both profits and sales. Net earnings fell 8% to $187.1 million, from $202.5 million in the same period a year earlier. Sales rose 2% to $2.66 billion from $2.61 billion, and same-store sales climbed 0.4%.
Lower-margin merchandise, increased customer coupon redemption and stronger online competition all negatively impacted Bed, Bath and Beyond’s net earnings performance. The retailer expects net earnings to increase for all of fiscal 2014.