Bed Bath & Beyond Shares Are Surging
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In the second quarter, the home goods retailer reported earnings per share $1.17, topping expectations for $1.14. Revenue came in at $2.95 billion, beating estimates for $2.89 billion; on a same-store basis, sales were up 4.3% in Q2.
Bed Bath & Beyond also said it repurchased $1 billion worth of stock, or 16.9 million shares, during the quarter, and that it has $1.8 billion in authorized share repurchases remaining under its most recent buyback plan announced in July.
According to its latest 10-Q filed with the SEC, as of May 31 the company had about 201 million shares outstanding.
For the fiscal-year, Bed Bath & Beyond sees earnings of $5.00-$5.08 per share, roughly in-line with the $5.03 currently expected by Wall Street analysts.
Excluding Tuesday's after hours gains, Bed & Bath shares were down more than 20% year-to-date.
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