Bed Bath & Beyond Flat Q1 Results; Stock Plunges After Hours

Bed Bath & Beyond Inc.

posted nearly flat earnings and sales for the first quarter, missing Wall Street's expectations by two cents a share. For the recent period, the company earned net profit of 93 cents a share or $187.1 million, compared with year-earlier earnings of 93 a share or $202.5 million. Sales grew 1.7 percent to $2.66 billion, from $2.61 billion reported last year. Analysts expected $2.69 billion in sales Same-store sales were up 0.4 percent versus 3.4% in last year's fiscal first quarter. Bed Bath & Beyond expects second-quarter earnings of $1.08 to $1.16. It reiterated a full-year outlook calling for earnings growth "by a mid-sengle digit percentage." The company was changing hands in after-hours at $57.50, down nearly 6 percent.