Bed Bath & Beyond Earnings Meet Estimates
Bed Bath & Beyond reported its fiscal third-quarter financial results and offered guidance after the markets closed on Thursday.
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Bed Bath & Beyond Inc. (NASDAQ: BBBY) reported its fiscal third-quarter financial results after the markets closed on Thursday. The company had earnings per share (EPS) of $1.09 on $2.95 billion in revenue, which compares to consensus estimates from Thomson Reuters for $1.09 in EPS on $2.97 billion in revenue. In the same period of the previous year, the domestics retailer posted $1.19 in EPS and revenue of $2.94 billion.
Comparable sales on a constant currency basis were relatively flat for the third quarter of fiscal 2015. Comparable sales from customer-facing digital channels grew in excess of 25%, while comparable sales from stores declined in the low single-digit percentage range during the third quarter of fiscal 2015.
Also during the most recent quarter, Bed Bath & Beyond repurchased approximately $194 million of its common stock. The remaining balance of the current $2.0 billion share repurchase program was approximately $110 million.
The company expects comparable sales for the fiscal fourth quarter to be either flat or increase by 2%. At the same time, the company expects EPS to be in the range of $1.72 to $1.86. Consensus estimates call for $1.85 in EPS on $3.40 billion in revenue.
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On the books, the company had cash and cash equivalents totaling $490.74 million at the end of the fiscal third quarter.
Shares of Bed Bath & Beyond closed Thursday down 1.1% at $46.51, with a consensus analyst price target of $57.70 and a 52-week trading range of $46.37 to $79.64. Following the release of the earnings report, the stock was up in the after-hours about 1.1% at $47.00.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
