Bed Bath & Beyond Q1 Profit Misses Estimates, Shares Slip

reported weaker-than-expected earnings for the first quarter on Wednesday. The Union, New Jersey-based company posted quarterly net earnings of $158.5 million, or $0.93 per share, versus $187.1 million, or $0.93 per share, in the year-ago period. Its total sales surged to $2.74 billion from $2.66 billion. However, analysts were expecting earnings of $0.94 per share on revenue of $29.53 million. The average estimate among 26 Estimize users was for earnings of $0.94 per share and revenue of $2.74 billion. Its same-store sales rose 2.2 percent in the latest quarter, versus a 0.4 percent growth in the year-ago quarter. During the first quarter, Bed Bath & Beyond repurchased around $385 million of its common stock. Bed Bath & Beyond projects Q2 earnings of $1.18 to $1.23 per share, and same-store sales to rise 2 percent to 3 percent. Analysts had expected earnings of $1.23 per share and same-store sales growth of 2.2 percent. Bed Bath & Beyond shares slipped 1.79 percent to $69.08 in the after-hours trading session.