When Bed Bath & Beyond Inc. (NASDAQ: BBBY) reported its fiscal third-quarter financial results after the markets closed on Wednesday, the retailer said that it had $0.85 in earnings per share (EPS) and $2.96 billion in revenue. The consensus estimates from Thomson Reuters called for $0.98 in EPS and revenue of $3.01 billion. The same period of last year reportedly had EPS of $1.09 and $2.95 billion in revenue.
Comparable sales in the third quarter of fiscal 2016 decreased by roughly 1.4%, compared with a decrease of about 0.4% in last year’s fiscal third quarter. Comparable sales from customer-facing digital channels grew in excess of 20%, while comparable sales from stores declined in the low single-digit percentage range.
During the third quarter of fiscal 2016, the company repurchased $76 million of its common stock, representing roughly 1.8 million shares, under its existing $2.5 billion share repurchase program. At the end of the quarter, the company had about $1.9 billion remaining in its repurchase program, and it is expected to be completed sometime in fiscal 2020.
In terms of guidance for the fiscal year, the company expects to see its EPS at the low end of the range of $4.50 to $5.00. The consensus estimates call for $4.73 in EPS and $12.24 billion in revenue.
The board of directors also has declared a quarterly dividend of $0.125 per share, to be paid on April 18, 2017, to shareholders of record at the close of business on March 17.
On the books, Bed Bath & Beyond cash and cash equivalents totaled $473.0 million at the end of the quarter, versus $490.7 million in the same period from last year.
Shares of Bed Bath & Beyond were down over 7% at $42.11 on Thursday, with a consensus analyst price target of $ and a 52-week trading range of $38.60 to $52.71.
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.