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Bed Bath & Beyond Q2 profit declined

Staff Writer | September 20, 2017
Bed Bath & Beyond said its second-quarter profit declined from a year ago hurt largely by higher expenses that continued to weigh down the bottom line while sales continue to drop.
Bed Bath & Beyond
Bed Bath & Beyond   Second-quarter profit dropped to $94.2 million
The home goods retailer's earnings and sales for the quarter fell short of Wall Street expectations, sending its shares down 12 percent in the after-hours trading.

Bed Bath & Beyond's second-quarter profit dropped to $94.2 million or $0.67 per share from $167.3 million or $1.11 per share last year.

The company said its earnings were negative impacted by a cash restructuring charges associated with the acceleration of the realignment of store management structure of about $0.08 per share and the impact of Hurricane Harvey of of about $.02 per share.

Sales for the second quarter dropped to $2.94 billion from $2.99 billion last year. Comparable sales in the second quarter decreased by about 2.6 percent.

Bed Bath & Beyond has been battling with weak margins. The company's selling and administrative expenses increased to $899.7 million from $835.9 million last year.

The company declared a quarterly dividend of $0.15 per share, to be paid on January 16, 2016 to shareholders of record as of December 15, 2016.