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Bed Bath & Beyond profit down to $126.4 million

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Staff Writer |
Bed Bath & Beyond
Bed Bath & Beyond   Sales for the third quarter inched slightly up

Bed Bath & Beyond third-quarter profit dropped to $126.4 million or $0.85 per share from $177.8 million or $1.09 per share last year.

Sales for the third quarter inched slightly up to $2.96 billion from $2.95 billion last year. Twenty-one analysts had a consensus sales estimate of $3.01 billion for the quarter.

Comparable sales in the third quarter decreased by about 1.4 percent, compared with an decrease of around 0.4 percent in the prior year period.

The company's selling and administrative expenses increased to $881.5 million from $822.5 million last year, while sales costs rose to $1.86 billion from $1.84 billion last year.

The company declared a quarterly dividend of $0.125 per share, to be paid on April 18, 2016 to shareholders of record as of March 17, 2016.

Bed Bath & Beyond expects fiscal 2016 earnings per share "to be at the low end of the $4.50 to just over $5.00 range that it has earned over the past several years." Analysts currently estimate earnings of $4.73 per share for the year.

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