Bed Bath & Beyond Q3 Results Misses View, Withdraws Outlook; Shares Down

(RTTNews) - Shares of Bed Bath & Beyond Inc. (BBBY) slipped over 5% in extended trading session Wednesday after the home improvement retailer reported a weak third-quarter results and also pulled its outlook for the year.

Union, New Jersey-based Bed Bath & Beyond reported third-quarter loss of $38.6 million or $0.31 per share, compared with last year's profit of $24.4 million or $0.18 per share last year.

Excluding one-time items, adjusted loss for the quarter were $0.38 per share. On average, 18 analysts polled by Thomson Reuters expected earnings of $0.02 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the quarter dropped 9% to $2.76 billion from $3.03 billion last year. Analysts had a consensus sales estimate of $2.85 billion for the quarter. Comparable sales in the quarter decreased by about 8.3 percent.

Commenting on the results, CEO Mark Tritton said, "Our performance in the third quarter was unsatisfactory and underscores the imperative for change and strengthens our sense of priorities and purpose. We must respond to the challenges we face as a business, including pressured sales and profitability, and reconstruct a modern, durable model for long-term profitable growth."

"We will be finalizing the details of our strategic plan over the next few months and appreciate your patience as we embark and pursue this journey to position Bed Bath & Beyond to deliver long-term, sustainable growth," he added.

Looking forward, the company said it expects sales and profitability to remain pressured during the fourth quarter. The company has withdrawn its fiscal 2019 full year financial guidance.

BBBY closed Wednesday's trading at $16.65, down $0.19 or 1.13%, on the Nasdaq. The stock further dropped $1.12 or 6.73% in the after-hours trading.