Bed Bath & Beyond gives downbeat forecast
Bed Bath & Beyond’s fourth quarter sales and earnings beat the Street, but it issued gloomy guidance for its current year.
Bed Bath & Beyond said it earned $194 million, or $1.41 a share, in the quarter ended March 3, compared with $269 million, or $1.84 a share, in the year-ago period. Excluding items, the retailer reported adjusted earnings of $204.59 million or $1.48 per share, better than analysts had expected.
Sales rose 5.2% to $3.7 billion in the quarter. Same-store sales fell by about 0.6%.
The company said it expects fiscal 2018 per-share net earnings to be in the low-to-mid $2 range. Analysts had expectations of $3.07 a share for the year.
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