Bed Bath & Bulls… All-Time Highs (BBBY)
Bed Bath & Beyond Inc. (NASDAQ: BBBY) is tonight’s top after-hours mover on volume after the household goods retailer reported a blowout on its fourth-quarter earnings. This company just manages to keep on going and going. The company showed solid…
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Bed Bath & Beyond Inc. (NASDAQ: BBBY) is tonight’s top after-hours mover on volume after the household goods retailer reported a blowout on its fourth-quarter earnings. This company just manages to keep on going and going.
The company showed solid gains as its net income rose to $283 million, or $1.12 EPS, versus $226 million, or $0.86 EPS, a year ago. Thomson Reuters had estimates of $0.97 EPS for the quarter. Revenues grew more than 11% and hit right at $2.5 billion versus $2.24 billion a year ago. That compares with Thomson Reuters estimates of $2.39 billion.
The good times are expected to keep rolling if its guidance is to be believed. Bed Bath & Beyond sees next quarter at $0.58 to $0.61 EPS versus $0.60 estimates from Thomson Reuters. For the year it called for overall growth of 10% to 15%, translating to about $3.41 to $3.58 EPS against Thomson Reuters estimates of $3.33 EPS.
This is what happens when your quarterly same-store sales rise about 8.5%. Bed Bath & Beyond ended with more than $1.18 billion in cash and over $605 million in short-term investments with another $121 million in long-term securities. During the last quarter, the company bought back about $199 million of its common stock, which comes to about 4.1 million shares.
This stock closed up 1% at $49.39 versus a 52-week trading range of $26.50 to $50.95. Shares are up 9% to a year high of $53.85 in the after-hours session. If the after-hours level holds, go ahead and count this all-time highs rather than just 52-week highs.
JON C. OGG
Contact [email protected] for any questions or corrections.
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
