Bed Bath & Beyond Inc. Gains In Extended Session On Q2 Results

Bed Bath & Beyond Inc. BBBY rose sharply in the extended session Tuesday after the company beat second-quarter expectations and offered an outlook slightly ahead of the Wall Street consensus.

Shares of the Union, NJ-based home furnishings retailer gained more than 7 percent, trading recently at $67.25 apiece.

The company's upbeat results come against a backdrop of worries touched off by its competitors Williams-Sonoma, Inc. WSM and Container Store Group Inc. TCS, both of which recently cut guidance.

Bed Bath & Beyond forecast third-quarter profits of $1.17 to $1.21 a share, compared with the consensus of $1.20 a share. For the full year, the company expects earnings of $5.00 to $5.08 per share, versus analysts' forecast of $5.03.

Same-store sales in the recent period grew 3.4 percent, compared with an increase of 3.7 percent the year earlier.

Bed Bath & Beyond posted second-quarter net earnings of $224 million, or $1.17 a share, down from $249.3 million, or $1.16 a share a year earlier.

Sales grew 4.3 percent to $2.945 billion, from $2.824 billion a year earlier.

Wall Street expected earnings of $1.14 a share on sales of $2.89 billion.