Bed Bath & Beyond Q2 misses Street
Strong digital growth was once again offset by declining store sales during Bed Bath & Beyond’s second quarter.
The home goods retailer reported net earnings of $48.6 million, or 36 cents a share, for the quarter. Analysts had expected earnings of 50 cents per share. Net earnings for the year-ago period were from $94.2 million, or 67 cents per share.
Net sales were approximately $2.9 billion. In addition to being flat compared to the prior year, they fell just below analysts’ expectations of $2.96 billion. Same-store sales fell 0.6%, despite strong sales growth from the company's digital channels. Sales from stores declined in the mid-single-digit percentage range.
During the fiscal second quarter, the company opened one Bed Bath & Beyond store and two World Market stores.
As of September 1, 2018, the company had a total of 1,560 stores, including 1,018 Bed Bath & Beyond stores in all 50 states, the District of Columbia, Puerto Rico and Canada; 281 stores under the names of World Market, Cost Plus World Market or Cost Plus; 121 buybuy Baby stores; 83 stores under the names Christmas Tree Shops, Christmas Tree Shops andThat! or andThat!, and 57 stores under the names Harmon, Harmon Face Values or Face Values.
The home goods retailer reported net earnings of $48.6 million, or 36 cents a share, for the quarter. Analysts had expected earnings of 50 cents per share. Net earnings for the year-ago period were from $94.2 million, or 67 cents per share.
Net sales were approximately $2.9 billion. In addition to being flat compared to the prior year, they fell just below analysts’ expectations of $2.96 billion. Same-store sales fell 0.6%, despite strong sales growth from the company's digital channels. Sales from stores declined in the mid-single-digit percentage range.
During the fiscal second quarter, the company opened one Bed Bath & Beyond store and two World Market stores.
As of September 1, 2018, the company had a total of 1,560 stores, including 1,018 Bed Bath & Beyond stores in all 50 states, the District of Columbia, Puerto Rico and Canada; 281 stores under the names of World Market, Cost Plus World Market or Cost Plus; 121 buybuy Baby stores; 83 stores under the names Christmas Tree Shops, Christmas Tree Shops andThat! or andThat!, and 57 stores under the names Harmon, Harmon Face Values or Face Values.