UNION, N.J. – Bed Bath & Beyond Inc. (BBBY) on Wednesday reported a fiscal second-quarter loss of $138.8 million, after reporting a profit in the same period a year earlier.
UNION, N.J. – Bed Bath & Beyond Inc. (BBBY) on Wednesday reported a fiscal second-quarter loss of $138.8 million, after reporting a profit in the same period a year earlier.
The Union, New Jersey-based company said it had a loss of $1.12 per share. Earnings, adjusted for one- time gains and costs, were 34 cents per share. The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 26 cents per share. The home goods retailer posted revenue of $2.72 billion in the period, which fell short of Street forecasts. Seven analysts surveyed by Zacks expected $2.76 billion.
Bed Bath & Beyond expects full-year earnings to be $2.08 to $2.13 per share, with revenue expected to be $11.4 billion. Bed Bath & Beyond shares have declined 11% since the beginning of the year, while the Standard & Poor’s 500 index has risen 15%. In the final minutes of trading on Wednesday, shares hit $10.02, a decline of 29% in the last 12 months.