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Best Bath and Beyond plunges after missing across the board

Aug 26, 2024, 12:21 IST
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Bed Bath & Beyond is falling after missing earnings.

Shares are down 11.38% in aftermarket trading Thursday, trading around $30.06.

The company announced adjusted earnings of $0.53 per share, which was lower than the $0.66 that Wall Street was expecting. The results were much lower than the $0.80 per share in the same quarter of last year.

Comparable sales also missed estimates, decreasing by 2% compared to estimates of a slight 0.3% increase.

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Revenue came in at $2.74 billion, which was shy of the $2.79 billion that analysts were looking for.

The company said the first quarter is typically the least impactful quarter in the year, but explains the declining comparable sales.

To read more about Bed Bath & Beyond click here...

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