Bed Bath & Beyond meets 3Q earnings expectations, misses revenue forecasts

IndustriesAssociated Press

Shares of Bed Bath & Beyond Inc. slipped in late trading Thursday after the retailer's quarterly sales missed estimates.

The company reported its fiscal third-quarter net income dropped by 5 percent to $225.4 million, or $1.23 per share. Earnings, adjusted for non-recurring gains, came to $1.19 per share, the Union, New Jersey-based company said.

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The results met Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was also for earnings of $1.19 per share.

The home goods retailer posted revenue of $2.94 billion in the period, which fell short of Street forecasts. Analysts expected $2.97 billion, according to Zacks.

Bed Bath & Beyond expects full-year earnings to be $5.05 to $5.09 per share. That compares with the average analyst estimate of $5.04 per share, based on a survey by FactSet.

In late trading, shares of the retailer traded down $4.65, or 5.9 percent, to $74.80.

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Elements of this story were generated by Automated Insights using data from Zacks Investment Research. BBBY stock research report from Zacks.

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Keywords:Bed Bath & Beyond,Earnings Report