Bed Bath & Beyond sales rise 0.4% in Q1 to $2.8 bn

04 Jul '18
2 min read
Courtesy: Bed Bath & Beyond
Courtesy: Bed Bath & Beyond

The net sales of Bed Bath & Beyond for the first quarter of fiscal 2018 were around $2.8 billion, an increase of about 0.4 per cent from the prior year. For the reported quarter, the comparable sales lowered by nearly 0.6 per cent, and included strong sales growth from the company's customer-facing digital channels, and sales from stores that declined.

For first quarter, the company reported net earnings of $.32 per diluted share ($43.6 million), which included an unfavourable impact of approximately $0.06 from severance costs incurred in the first quarter, which was not included in the company's fiscal 2018 modeling assumptions; and a favourable impact of approximately $0.05. Net earnings for the first quarter in 2017 were $.53 per diluted share ($75.3 million).

The company repurchased approximately $22 million of its common stock, representing approximately 1.2 million shares, under its existing $2.5 billion share repurchase program.  As of June 2, 2018, the programme had a remaining balance of approximately $1.5 billion. It ended the first quarter with $847 million in cash and investment balances, an increase of approximately $281 million, compared with approximately $565 million at the end of the fiscal 2017 first quarter.

The company remains on track with its three-year financial goals that comprise its vision for 2020 like achieving comparable sales growth beginning in fiscal 2018, moderating declines in  operating profit and net earnings per diluted share in fiscal 2018 and fiscal 2019 and to achieve growth in net earnings per diluted share by fiscal 2020. (RR)

Fibre2Fashion News Desk – India

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