Bed Bath & Beyond Q2 Profit Meets Estimate; Revenue Falls Shy

(RTTNews) - Home goods retailer Bed Bath & Beyond Inc. (BBBY) reported net earnings for the second quarter of $201.7 million or $1.21 per share, compared to $224.0 million or $1.17 per share for the year-ago quarter.

Net sales for the second quarter rose 1.7% to $3.00 billion from $2.95 billion a year earlier. Same-store sales for the second quarter increased 0.7%.

Analysts polled by Thomson Reuters expected the company to earn $1.21 per share on revenue of $3.03 billion for the second quarter.

The company also said that its Board of Directors has authorized a new $2.5 billion share repurchase program. The company is currently planning that the new share repurchase program will commence after completion of the existing share repurchase program. As of August 29, the remaining balance of the existing share repurchase program was about $305 million.

Looking forward, the company forecasts third quarter earnings to be $1.14 to $1.21 per share. Analysts currently expect the company to earn $1.19 per share for the third quarter.

The company said it continues to expect fiscal full year earnings per share to be between a relatively flat and a mid-single digit percentage increase.