Bed Bath & Beyond Inc. (NASDAQ:BBBY) unveiled its latest quarterly earnings results after hours today, which came in well below analysts’ expectations in the same-store sales metric.
The bedding and bath retailer announced that its fiscal 2017’s fourth quarter yielded earnings of $194.04 million, or $1.41 per share, which was well below its $268.73 million, or $1.84 per share, from the year-ago period. On an adjusted basis, the company brought in $204.59 million, or $1.48 per shar
The Wall Street consensus estimate was calling for earnings of $1.40 per share, according to data compiled by FactSet. Bed Bath & Beyond also reported revenue of $3.72 billion for the quarter, which was a 5.4% improvement compared to the year-ago period of $3.53 billion. Analysts were calling for sales of $3.68 billion, according to data compiled by FactSet.
Comparable sales were down by about 0.6%, despite the company’s strong sales growth from its growing digital channels. Analysts were also calling for same-store sales to fall by 2.3% compared to the year-ago period, which was narrower than what Bed Bath & Beyond lost in its same-store sales compared to the year-ago period.
The company finished its fiscal 2017 with $744 million in cash and investment balances, marking an increase of roughly $166 million when compared to the $578 million it had at the end of fiscal 2016.
BBBY stock plummeted about 12.1% after the bell Wednesday on the company’s mixed quarterly earnings results.