Union, NJ, United States (4E) – Bed Bath & Beyond Inc. reported on Wednesday that its profit in the first quarter dropped 8 percent from the year-earlier period, as a result of higher costs and expenses more than offset a slight gain in sales.
The home goods retailer’s per-share quarterly earnings and quarterly sales also missed analysts’ estimates. The company also estimates second-quarter earnings that are lower than analysts’ estimate.
The company operates a chain retail stores, including brands such as Bed Bath & Beyond, Cost Plus World Market and World Market, selling a variety of home furnishings and domestics merchandise.
The company reported net income of $187.1mn, or $0.93 a share, for the first quarter ended May 31, compared with $202.5mn or $0.93 a share for the year-earlier quarter.
For the first quarter, the Union, New Jersey-based company said net sales climbed 1.7 percent to $2.66bn from $2.61bn in the year-ago quarter. Same-store sales gained 0.4 percent in the first quarter.