Bed Bath and Beyond reports digital growth in Q1
Strong digital growth was offset by declining store sales at Bed Bath and Beyond during its first quarter.
The home goods retailer, who owns Harmon, reported net earnings of $43.6 million, or $0.32 per diluted share, for the quarter, which included the impact of approximately $0.06 from severance costs. Analysts had expected earnings of $0.31 cents per share. Net earnings for the year-ago period were $.53 per diluted share ($75.3 million).
Net sales inched up 0.4% to $2.75 billion, in line with expectations. Same-store sales fell 0.6%, with strong sales growth from the company’s digital channels, and declines from stores in the mid-single-digit percentage range. Analysts were expecting comp sales to rise 0.1%.
As of June 2, the company had a total of 1,557 stores, including 1,017 Bed Bath & Beyond stores in all 50 states, the District of Columbia, Puerto Rico and Canada, 279 stores under the names of World Market, Cost Plus World Market or Cost Plus, 121 buybuy Baby stores, 83 stores under the names Christmas Tree Shops, Christmas Tree Shops andThat! or andThat!, and 57 stores under the names Harmon, Harmon Face Values or Face Values.
The home goods retailer, who owns Harmon, reported net earnings of $43.6 million, or $0.32 per diluted share, for the quarter, which included the impact of approximately $0.06 from severance costs. Analysts had expected earnings of $0.31 cents per share. Net earnings for the year-ago period were $.53 per diluted share ($75.3 million).
Net sales inched up 0.4% to $2.75 billion, in line with expectations. Same-store sales fell 0.6%, with strong sales growth from the company’s digital channels, and declines from stores in the mid-single-digit percentage range. Analysts were expecting comp sales to rise 0.1%.
As of June 2, the company had a total of 1,557 stores, including 1,017 Bed Bath & Beyond stores in all 50 states, the District of Columbia, Puerto Rico and Canada, 279 stores under the names of World Market, Cost Plus World Market or Cost Plus, 121 buybuy Baby stores, 83 stores under the names Christmas Tree Shops, Christmas Tree Shops andThat! or andThat!, and 57 stores under the names Harmon, Harmon Face Values or Face Values.