- Bed Bath & Beyond shares crashed more than 23% after its second-quarter results missed across the board. Shares are now trading at their lowest level since 2000.
- The retailer posted earnings of $US0.36 a share on revenue of $US2.94 billion.
- Same-store sales declined 0.6%, missing the 0.4% gain that analysts were expecting.
- Watch Bed Bath & Beyond trade here at real-time.
Bed Bath & Beyond plunged more than 23% on Thursday – to their lowest level since 2000 – after its second-quarter results fell short of Wall Street estimates.
The home-goods retailer posted net earnings of $US0.36 a share, missing the $US0.50 that analysts surveyed by Bloomberg were expecting. Sales were flat at $US2.94 billion, a bit shy of the $US2.96 billion that was anticipated. And same-store sales were also light, coming in at down 0.6% when analysts were expecting 0.4% growth.
Like many of its competitors in the brick-and-mortar retail environment, Bed Bath & Beyond has struggled to maintain its margins amid making investments to enhance the in-store and online experience.
Bed Bath & Beyond lowered its guidance for the year ahead, saying it expects flat sales and moderate declines in operating profit in 2018 and 2019. The company sees net earnings for the full year to be at the low end of its previously modelled range, at about $US2.00.
It plans to achieve growth net-earnings growth by fiscal 2020 in accordance with its three-year financial goals, the company said in its release.
Bed Bath and Beyond shares were down 34% this year through Wednesday.
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