Bed Bath & Beyond Inc. (NASDAQ: BBBY) reported fiscal second-quarter financial results after markets closed Wednesday. The retailer said that it had $0.34 in earnings per share (EPS) and $2.7 billion in revenue, compared with consensus estimates that called for $0.27 in EPS and $2.75 billion in revenue. The same period from last year had $0.36 in EPS and $2.94 billion in revenue.
Net sales decreased roughly 7.3% year over year for the quarter, while comparable sales declined 6.7%.
Looking ahead to the full fiscal year, the company excepts to see EPS in the range of $2.08 to $2.13 with net sales of $11.4 billion. Consensus estimates are calling for $1.86 in EPS and $11.36 billion in revenue for the 2019 fiscal full year.
The firm noted that it has made substantial progress toward identifying a permanent CEO. It remains on track with its expectation that it will make an announcement soon.
Mary A. Winston, Interim CEO, commented:
We are making good progress against our four key near-term priorities, including: (1) stabilizing sales and driving top-line growth; (2) resetting the cost structure; (3) reviewing and optimizing the Company’s asset base, including the portfolio of retail banners; and (4) refining our organization structure. Our second quarter financial results reflect the relentless effort of our teams and our progress in driving the Company’s transformation efforts to delight our customers, enhance our competitive position, improve our financial performance, and drive shareholder value.
Shares of Bed Bath & Beyond closed Wednesday at $10.02, with a 52-week range of $7.31 to $19.57. The consensus analyst price target is $14.08. Following the announcement, the stock was up about 1% at $10.15 in the after-hours trading session.
Travel Cards Are Getting Too Good To Ignore (sponsored)
Credit card companies are pulling out all the stops, with the issuers are offering insane travel rewards and perks.
We’re talking huge sign-up bonuses, points on every purchase, and benefits like lounge access, travel credits, and free hotel nights. For travelers, these rewards can add up to thousands of dollars in flights, upgrades, and luxury experiences every year.
It’s like getting paid to travel — and it’s available to qualified borrowers who know where to look.
We’ve rounded up some of the best travel credit cards on the market. Click here to see the list. Don’t miss these offers — they won’t be this good forever.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.