UNION (dpa-AFX) - Bed Bath & Beyond Inc., (BBBY) on Wednesday reported a fourth-quarter profit that trumped Wall Street estimates, despite 11% drop in revenues. The home goods retailer's revenues for the quarter fell short of Wall Street expectations. Shares were down 7% in extended trading hours.
Union, New Jersey-based Bed Bath & Beyond reported fourth-quarter loss of $253.8 million or $1.92 per share, compared with last year's profit of $194.0 million or $1.41 per share last year.
Profit for the quarter was hurt largely by a non-cash goodwill and trade-name impairments charge. Excluding one-time items, earnings for the quarter were $1.20 per share. On average, 20 analysts polled by Thomson Reuters expected earnings of $1.11 per share for the quarter. Analysts' estimates typically exclude special items.
Sales for the quarter dropped 11% to $3.31 billion from $3.72 billion last year. Analysts had a consensus sales estimate of $3.33 billion for the quarter. Comparable sales in the quarter decreased by about 1.4 percent.
'During the fourth quarter and throughout fiscal 2018, we have been driving significant foundational change across our business,' said Steven Temares, the company's CEO, in a press release. 'The pace of our transformation accelerated during fiscal 2018.'
The company declared a quarterly dividend of $0.17 per share, up from $0.16 per share, to be paid on July 16, 2019 to shareholders of record as of June 14, 2019.
Looking forward, Bed Bath & Beyond expects fiscal 2019 adjusted earnings of $2.11 to $2.20 per share. Analysts currently estimate earnings of $1.79 a share.
BBBY closed Wednesday's trading at $19.41, up $0.94 or 5.09% on the Nasdaq. The stock, however, slipped $1.33 or 6.85% in the after-hours trade.
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