UNION TOWNSHIP -- Bed Bath & Beyond Inc. on Wednesday posted fiscal first-quarter earnings of $122.6 million, or 80 cents a share, compared with earnings of $158.5 million, or 93 cents, from the same period a year ago. The results missed analysts' estimates. Wall Street expected the nation's largest home goods retailer to earn 86 cents a share.
Bed Bath reported revenue of $2.74 billion in the period ended May 28, which also failed to meet estimates of $2.78 billion.
Sales at stores open at least a year decreased 0.5 percent in the fiscal first quarter, compared with an increase of about 2.2 percent in the same period a year ago. Comparable sales from digital channels grew more than 20 percent.
During the quarter, Bed Bath repurchased about $178 million of its stock, representing about 3.8 million shares, under its existing $2.5 billion share repurchase program. As of May 28, the program had a remaining balance of about $2.1 billion and is expected to be completed in the latter half of fiscal 2019 or in fiscal 2020, said a press release from the company.
Bed Bath expects full-year earnings to be in the range of $4.50 to $5 a share. Its shares tumbled $1.84, or 4.3 percent, to $41.34 as of 4:48 p.m. in after-hours trading.
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