Bed Bath & Beyond Slips 11% On Dingy Profit Forecast |
| Forbes - Jun 21, 2012 |
Bed Bath & Beyond shares tumbled this afternoon after the retailer warned investors to expect less profit later this year.
The company sees second-quarter earnings between 97 cents and $1.03 a share. Analysts expected earnings closer $1.08. And the full-year outlook was equally gloomy: Bed Bath & Beyond forecast profit growth in the high single digits to lower double digits, below analysts’ expectations of 14%.
Those forecasts could fall further, the company said, if Bed Bath & Beyond completes its offer for the outstanding shares of Cost Plus, another home-decor retailer.
No explanation about the profit forecast was offered. More details will come on a conference call this evening, the company said.
Meanwhile, Bed Bath & Beyond reported strong first-quarter profit, which beat analysts’ projections. Net income was 206.8 million, 89 cents a share, from $180.6 million, 72 cents a share, a year earlier.
Read Full Article from Forbes
- Posted: 2012-06-21 11:02:37
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