Bed Bath & Beyond Sharply Lower After Q2 Results
Retailer Bed Bath & Beyond (NASDAQ: BBBY) released its fiscal second-quarter earnings results after the closing bell on Wednesday. The company reported lower than expected earnings, but its quarterly sales beat Wall Street estimates. During Thursday's trading session, BBBY has fallen almost eight percent and was last trading at $63.53.
The company reported second-quarter net income of $224.3 million or $0.98 per share, compared to $229.4 million or $0.93 per share, in the year ago period. The discrepancy in per share earnings was the result of a lower share count.
The company's earnings per share came in below Wall Street analysts' consensus EPS estimates of $1.02.
Sales in the period were $2.59 billion, a 12 percent increase over the $2.31 billion the company reported last year. This came in ahead of analysts' consensus revenue estimates of $2.54 billion.
Looking ahead to the third-quarter, BBBY said that it expects earnings per share of $0.99 to $1.04. Currently, analysts are estimating that the company will earn $1.02 per share for the fiscal third-quarter.
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