Bed Bath & Beyond's Stock Falls After Profit, Same-store Sales Miss Forecasts

Bed Bath & Beyond Inc.'s stock dropped 1.6% in after-hours trade Wednesday, after the home goods retailer reported a fiscal first-quarter profit and same-store sales that missed expectations. For the quarter ended May 30, net earnings came in at $158.5 million, or 93 cents a share, compared with $187.1 million, or 93 cents a share, in the same period a year ago. The FactSet consensus analyst estimate was for earnings per share of 94 cents. Total sales rose to $2.74 billion from $2.66 billion, with same-store sales increasing 2.2%, compared with the FactSet consensus of $2.74 billion and 2.5% growth, respectively. The company said it expects fiscal second-quarter same-store sales growth of 2% to 3%, and EPS of $1.18 to $1.23, compared with the FactSet consensus of 2.2% and $1.23, respectively. The stock has lost 6.7% over the past three months through Wednesday, while the S&P 500 has gained 0.8%.