Best Bath and Beyond plunges after missing across the board
Jun 23, 2017, 02:02 IST
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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.
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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.
