Retail
When Bed Bath & Beyond Becomes the Grinch on Guidance
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Bed Bath & Beyond Inc. (NASDAQ: BBBY) has become synonymous with what seemed like endless retail growth gone stale. The company is no stranger to disappointing earnings or guidance. Bed Bath & Beyond now has issued a warning for its fiscal third-quarter ended November 28, 2015. This does not include all the Christmas shopping season, but this period did include the Thanksgiving holiday and the following two shopping days of Black Friday and Saturday. The company also chimed on its anticipated comparable sales from the beginning of the fourth quarter through Christmas.
Net sales for the fiscal third quarter are now projected to be approximately $3.0 billion. While this is up about 0.3% from the same period a year ago, Bed Bath & Beyond previously offered sales guidance to be 1.8% to 4.0% higher.
Thomson Reuters had a more realistic estimate than the company apparently. Its consensus estimate was for sales a gain of 2.7% to $3.02 billion.
Bed Bath & Beyond also projected that its third-quarter comparable sales will have decreased by 0.4%, or that it would be relatively flat on a constant currency basis. The company said that it saw a 0.4% unfavorable impact of foreign currency fluctuations, and including the impact of foreign currency fluctuations it had previously modeled comparable sales to increase between 1.0% and 3.0%.
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