Bed Bath & Beyond Flat Q1 Results; Stock Plunges After Hours
Bed Bath & Beyond Inc. (NASDAQ: BBBY) 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 percent 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-single digit percentage."
The company was changing hands in after-hours at $57.50, down nearly 6 percent.
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