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Bed Bath & Beyond Inc. (NASDAQ: BBBY) rose sharply in the extended session Tuesday after the company beat second-quarter expectations and offered an outlook slightly ahead of the Wall Street consensus.
Shares of the Union, NJ-based home furnishings retailer gained more than 7 percent, trading recently at $67.25 apiece.
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The company's upbeat results come against a backdrop of worries touched off by its competitors Williams-Sonoma, Inc. (NYSE: WSM) and Container Store Group Inc. (NYSE: TCS), both of which recently cut guidance.
Bed Bath & Beyond forecast third-quarter profits of $1.17 to $1.21 a share, compared with the consensus of $1.20 a share. For the full year, the company expects earnings of $5.00 to $5.08 per share, versus analysts' forecast of $5.03.
Same-store sales in the recent period grew 3.4 percent, compared with an increase of 3.7 percent the year earlier.
Bed Bath & Beyond posted second-quarter net earnings of $224 million, or $1.17 a share, down from $249.3 million, or $1.16 a share a year earlier.
Sales grew 4.3 percent to $2.945 billion, from $2.824 billion a year earlier.
Wall Street expected earnings of $1.14 a share on sales of $2.89 billion.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.