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
Cash Back Credit Cards Have Never Been This Good
Credit card companies are at war, handing out free rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. See our top picks for the best credit cards today. You won’t want to miss some of these offers.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.