Bed Bath & Beyond stock tanks after company misses views
Shares of Bed Bath & Beyond Inc. fell 15% in the extended session Wednesday after the retailer missed Wall Street profit and sales expectations for the second quarter. Bed Bath & Beyond said it earned $48.6 million, or 36 cents a share, in the quarter, compared with $94.2 million, or 67 cents a share, in the year-ago period. Revenue was flat at $2.94 billion. Analysts polled by FactSet had expected earnings of 50 cents a share on sales of $2.96 billion. Same-store sales fell 0.6%, the company said. Bed Bath & Beyond "remains on track to achieve moderating declines in operating profit and net earnings per diluted share in fiscal 2018 and fiscal 2019, and to achieve growth in net earnings per diluted share by fiscal 2020" in connection with its three-year financial plan, the company said. Shares ended the regular trading day down 0.5%.
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