Tags: bed bath andbeyond | retail | forecast

Bed Bath & Beyond Tumbles after Weak Forecast

Wednesday, 20 Jun 2012 05:16 PM

Shares of Bed Bath & Beyond Inc. plunged in New York trading Wednesday after the retailer forecast fiscal second-quarter profit that was less than analysts’ estimated amid slowing same-store sales.

The shares fell 10 percent to $66.23 at 4:25 p.m. The Union, New Jersey-based company’s stock had gained 27 percent this year through the close of regular trading.

Profit per share in the current quarter may be 97 cents to $1.03, the company said in a statement. The average of 24 analysts’ estimates compiled by Bloomberg was $1.08 a share.

Bed Bath & Beyond said comparable-store sales in the quarter rose 3 percent compared to a gain of 7 percent in the same period a year earlier. Analysts projected a gain of 3.8 percent, the average of five estimates compiled by Bloomberg. The company had about 1,180 stores as of May 26.

© Copyright 2015 Bloomberg News. All rights reserved.

1Like our page
2Share
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved