Best Bath and Beyond plunges after missing across the board
Bed Bath & Beyond is falling after missing earnings.Shares are down 11.38% in aftermarket trading Thursday, trading around $30.06.Advertisement
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.