For the first quarter of 2017, Bed Bath & Beyond has recorded net sales of approximately $2.7 billion, an increase of around 0.1 per cent from the prior year quarter. The company repurchased approximately $127 million of its common stock, representing approximately 3.3 million shares, under its existing $2.5 billion share repurchase programme.
For the fiscal 2017 first quarter, the company reported net earnings of $.53 per diluted share ($75.3 million), including an unfavorable impact of approximately $.05 from the adoption of the new share-based payment accounting standard, compared with $.80 per diluted share ($122.6 million) for the fiscal 2016 first quarter. Comparable sales in the fiscal 2017 first quarter decreased by approximately 2.0 per cent, compared with a decrease of approximately 0.5 per cent in last year's fiscal first quarter. Comparable sales from customer-facing digital channels continue to have strong growth in excess of 20 per cent, while comparable sales from stores declined in the mid-single-digit percentage range during the fiscal 2017 first quarter.
The company experienced increased softness in transactions in stores, as well as higher net-direct-to-customer shipping expense, coupon expense, and advertising costs during the quarter. After the second quarter, the company believes it will have better visibility to the full-year and, if necessary, will update its full-year modeling assumptions at that time. (RR)
Fibre2Fashion News Desk – India
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