Bed Bath & Beyond Misses Earnings Expectations, Shares Fall 5%

Bed Bath & Beyond Inc. shares fell late Wednesday after the retailer reported worse-than-expected fiscal first-quarter earnings. Bed Bath & Beyond said it earned $122.6 million, or 80 cents a share, in the quarter, compared with $158.5 million, or 93 cents a share, in the year-ago period. Net sales reached $2.74 billion in the quarter, flat compared with a year ago. Analysts polled by FactSet had expected earnings of 86 cents a share on sales of $2.77 billion. Bed Bath & Beyond kept its fiscal 2016 net earnings expectations between $4.50 a share to just over $5 a share, which include a "slight dilution" anticipated from the all-cash deal to buy One Kings Lane, announced last week. Shares of Bed Bath & Beyond fell 5.3% in late trading after ending the regular session down 0.4%.