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.