Bed Bath & Beyond Drops After Disappointing Earnings, Forecast

Bed Bath & Beyond Inc. shares fell more than 5% in late trading Wednesday after the retail chain announced earnings and a forecast that came in lower than expectations. The company said it had net income of $126.4 million, or 85 cents a share, on sales of $2.96 billion in its fiscal third quarter, reflecting a stark decline in profit from $1.09 a share in the same period a year before. Analysts polled by FactSet expected the company to report earnings of 98 cents a share on sales of $3 billion. Bed Bath & Beyond also said it now expects full fiscal-year profit to be at the low end of its guidance range, which was $4.50 a share to about $5 a share. Analysts had projected full-year earnings of $4.73 a share, according to FactSet. Bed Bath & Beyond stock fell to less than $43.50 in after-hours trading, after closing with a 1.4% decline at $45.56.