Tags: Bed | Bath | Beyond | Profit

Bed Bath & Beyond Shares Fall on Profit Shortfall

Wednesday, 08 Jan 2014 08:54 PM

Shares of Bed Bath & Beyond Inc. fell in extended trading Wednesday after the retailer reported quarterly net income and forecast fourth quarter profit that trailed analysts’ estimates.

The shares declined 8.4 percent to $72.99 at 4:50 p.m. after gaining less than 1 percent to $79.68 at the close in New York.

Net income was $237.2 million, or $1.12 a share, in the third quarter ended Nov. 30, the company said in a statement Wednesday. The average projection of 24 analysts was $1.16 a share, according to data compiled by Bloomberg. Earnings in the fourth quarter are forecast to be between $1.60 and $1.67 a share, less than the $1.79 analysts estimated.

The retailer’s results included most of the Black Friday shopping weekend, which saw its first spending decline since 2009 in the four days beginning with the Nov. 28 Thanksgiving holiday. U.S. retail sales rose 2.7 percent in November and December, the smallest increase since 2009, as stores’ profit- eating discounts failed to draw shoppers to malls, researcher ShopperTrak said today.

Bed Bath & Beyond said comparable-store sales in the quarter rose 1.3 percent. Analysts projected a gain of 2.7 percent, the average of 13 estimates compiled by Bloomberg.

The Union, New Jersey-based company gained 44 percent last year, compared with a 30 percent gain for the Standard & Poor’s 500 Index.

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Shares of Bed Bath & Beyond Inc. fell in extended trading Wednesday after the retailer reported quarterly net income and forecast fourth quarter profit that trailed analysts' estimates.
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2014-54-08
Wednesday, 08 Jan 2014 08:54 PM
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