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Bed Bath & Beyond Q2 profit declined

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Staff Writer | Wednesday September 20, 2017 5:13AM ET
Bed Bath & Beyond
Bed Bath & Beyond   Second-quarter profit dropped to $94.2 million

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.


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.

 

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