UPDATE: Bed Bath & Beyond Posts Downbeat FQ2 Profit

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Bed Bath & Beyond (NASDAQ: BBBY) reported a 2.2% drop in its fiscal second-quarter income. Its same-store sales gained 3.5% in the recent period.Bed Bath & Beyond's quarterly profit fell to $224.3 million, from $229.4 million, in the year-ago period. On a per-share basis, the company's earnings rose to $0.98 from $0.93. Bed Bath & Beyond's net sales climbed 12% to $2.59 billion. However, analysts were expecting earnings of $1.02 per share. Its gross margin declined to 39.8% from 41.1%.For the current quarter, Bed Bath & Beyond expects earnings of $0.99 to $1.04 per share, versus analysts' estimates of $1.02 per share.Bed Bath & Beyond shares dropped 4.42% to $65.75 in after-hours trading.

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