Sept 19 (Reuters) – Bed Bath & Beyond Inc’s
quarterly earnings narrowly missed Wall Street estimates on
account of higher costs, sending shares of the U.S. home goods
chain down more than 5 percent in after-market trade.
The company, which has been spending heavily on its
e-commerce platform, said it expects current-quarter earnings to
be in the range of 99 cents to $1.02 per share.
Analysts on average expect the company to post a profit of
$1.02 per share for the third quarter, according to Thomson
Reuters I/B/E/S.
Bed Bath is spending money on a new distribution center, a
new data center and a new website for its e-commerce unit.
The company reported earnings of $224.3 mln for the second
quarter, or 98 cents per share, below analysts’ average estimate
of $1.02 per share. A year earlier, it had earned $229.3
million, or 93 cents per share.
Sales rose 12.1 percent to $2.59 billion. Comparable store
sales in the quarter increased 3.5 percent.
Shares of Bed Bath & Beyond were down at $64.95 in after
market. They had closed at $68.79 on Wednesday on the Nasdaq.
