Bed Bath & Beyond Shares Are Surging

Shares of Bed Bath & Beyond were up more than 7% in after hours trade on Tuesday after the company announced better than expected earnings and revenue for the second quarter.

In the second quarter, the home goods retailer reported earnings per share $US1.17, topping expectations for $US1.14. Revenue came in at $US2.95 billion, beating estimates for $US2.89 billion; on a same-store basis, sales were up 4.3% in Q2.

Bed Bath & Beyond also said it repurchased $US1 billion worth of stock, or 16.9 million shares, during the quarter, and that it has $US1.8 billion in authorised share repurchases remaining under its most recent buyback plan announced in July.

According to its latest 10-Q filed with the SEC, as of May 31 the company had about 201 million shares outstanding.

For the fiscal-year, Bed Bath & Beyond sees earnings of $US5.00-$5.08 per share, roughly in-line with the $US5.03 currently expected by Wall Street analysts.

Excluding Tuesday’s after hours gains, Bed & Bath shares were down more than 20% year-to-date.

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