Bed Bath & Beyond Shares Higher After Earnings Beat

Shares of Bed Bath & Beyond Inc. rose more than 4% late Wednesday after the retailer reported per-share quarterly earnings above expectations but said it expects a decline in profit for the year. The company said it earned $268.7 million, or $1.84 a share, in the fiscal fourth quarter, compared with $303.5 million, or $1.91 a share, for the fiscal 2015 fourth quarter. Sales reached $3.5 billion, from $3.4 billion a year ago. Comparable-store sales rose 0.4% in the period. Analysts polled by FactSet had expected the company to report earnings of $1.77 a share on sales of $3.5 billion. Bed Bath & Beyond is modeling a decline in net per-share earnings in the low-single digits to 10% for fiscal 2017, the company said in a statement.