Bed Bath & Beyond Plunges on Q1 Results

Bed Bath & Beyond

released its first-quarter earnings results after the closing bell on Wednesday. The company reported earnings per share of $0.89 compared to $0.72 in last year's corresponding quarter. This came in ahead of Wall Street consensus EPS estimates of $0.84. Revenues in the quarter were $2.22 billion, a gain from the $2.11 billion the company reported in last year's first quarter. This missed Wall Street consensus revenue estimates of $2.24 billion. Looking ahead to the second-quarter, BBBY said that it expects EPS between $0.97 and $1.03 versus current Street consensus EPS estimates of $1.08. In light of the first-quarter revenue miss and the weak forward-looking guidance, BBBY shares have lost more than 10% to $65.76 in Wednesday's after hours trading session.