Best Bath and Beyond plunges after missing across the board
Getty Images
Bed Bath & Beyond is falling after missing earnings.
Shares are down 11.38% in aftermarket trading Thursday, trading around $30.06.
The company announced adjusted earnings of $0.53 per share, which was lower than the $0.66 that Wall Street was expecting. The results were much lower than the $0.80 per share in the same quarter of last year.
Comparable sales also missed estimates, decreasing by 2% compared to estimates of a slight 0.3% increase.
Revenue came in at $2.74 billion, which was shy of the $2.79 billion that analysts were looking for.
The company said the first quarter is typically the least impactful quarter in the year, but explains the declining comparable sales.
"The Company continued to have strong growth in its customer-facing-digital channels this quarter, [but] the Company did experience increased softness in transactions in stores, as well as higher net-direct-to-customer shipping expense, coupon expense, and advertising costs during the quarter," the company said in a release.
To read more about Bed Bath & Beyond click here...
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- India Inc marks slowest quarterly revenue growth in January-March 2024: Crisil
- Nothing Phone (2a) India-exclusive Blue Edition launched starting at ₹19,999
- SC refuses to plea seeking postponement of CA exams scheduled in May
- 10 exciting weekend getaways from Delhi within 300 km in 2024
- Foreign tourist arrivals in India will cross pre-pandemic level in 2024
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market