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Bed Bath & Beyond Q1 net earnings $.80 per share

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Staff writer ▼ | June 23, 2016
Bed Bath & Beyond
Retail   Comparable sales decreased by approximately 0.5 percent

Bed Bath & Beyond reported financial results for the first quarter of fiscal 2016 ended May 28, 2016. The company reported net earnings of $.80 per diluted share ($122.6 million).

This compares with $.93 per diluted share ($158.5 million) for the first quarter of fiscal 2015. Net sales for the first quarters of fiscal 2016 and 2015 were approximately $2.738 billion.

Comparable sales decreased by approximately 0.5%, compared with an increase of approximately 2.2% in the prior year period.

Comparable sales from customer-facing digital channels grew in excess of 20% while comparable sales from stores declined in the low single-digit percentage range during the first quarter of fiscal 2016.

The board has declared a quarterly dividend of $.125 per share, to be paid on October 18, 2016 to shareholders of record as of September 16, 2016.

During the first quarter of fiscal 2016, Bed Bath & Beyond repurchased approximately $178 million of its common stock, representing approximately 3.8 million shares, under its existing $2.5 billion share repurchase program.

As of May 28, 2016, the program had a remaining balance of approximately $2.1 billion, and is expected to be completed in the latter half of fiscal 2019 or in fiscal 2020.


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