Bed Bath & Beyond (BBBY) Q1 Results Look Strong, Raises FY11 Guidance
Tweet
Share
E-mail
Get Alerts BBBY Hot Sheet
Price: $4.35 --0%
Financial Fact:
Operating profit: 280.97M
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Operating profit: 280.97M
Today's EPS Names:
BTTX, VAXX, ELYS, More
Join SI Premium – FREE
Bed Bath & Beyond (Nasdaq: BBBY) reported better-than-expected first-quarter results and raised guidance Wednesday after the market closed, sending shares about 2 percent higher.
The Union, New Jersey-based retailer posted quarterly net income of $180.6 million, 31 percent higher than net income of $137.55 million issued during the same quarter in 2010. On a per-share basis, earnings were up 38 percent from 52 cents to 72 cents.
Sales for the quarter totaled $2.11 billion, up 9.9 percent from the year-ago quarter.
Comparable store sales were up about 7 percent for the first quarter, slightly down from a gain of 8.4 percent in the first quarter last year.
Analysts had been looking for EPS of 62 cents on sales of $2.08 billion.
At the end of the quarter, Bed Bath & Beyond had a total of 1,142 stores: 984 Bed Bath & Beyond stores, 66 Christmas Tree Shops stores, 47 buybuy BABY stores and 45 stores under the names of Harmon or Harmon Face Values.
The company said it is expecting second-quarter earnings of 77-82 cents per share, near the low end of the Street's current 82 cent per share estimate.
For its FY11, Bed Bath & Beyond raised its EPS growth estimate from 10-15 percent to 15-20 percent.
Shares of Bed Bath & Beyond last traded at $55.15.
The Union, New Jersey-based retailer posted quarterly net income of $180.6 million, 31 percent higher than net income of $137.55 million issued during the same quarter in 2010. On a per-share basis, earnings were up 38 percent from 52 cents to 72 cents.
Sales for the quarter totaled $2.11 billion, up 9.9 percent from the year-ago quarter.
Comparable store sales were up about 7 percent for the first quarter, slightly down from a gain of 8.4 percent in the first quarter last year.
Analysts had been looking for EPS of 62 cents on sales of $2.08 billion.
At the end of the quarter, Bed Bath & Beyond had a total of 1,142 stores: 984 Bed Bath & Beyond stores, 66 Christmas Tree Shops stores, 47 buybuy BABY stores and 45 stores under the names of Harmon or Harmon Face Values.
The company said it is expecting second-quarter earnings of 77-82 cents per share, near the low end of the Street's current 82 cent per share estimate.
For its FY11, Bed Bath & Beyond raised its EPS growth estimate from 10-15 percent to 15-20 percent.
Shares of Bed Bath & Beyond last traded at $55.15.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Walmart (WMT) PT Lowered to $130 at UBS on Investment Narrative's Competing Dynamics
- Morgan Stanley course-corrects their semiconductor equipment outlook on demand
- Advance Auto Parts (AAP) PT Lowered to $43 at Truist Securities
Create E-mail Alert Related Categories
EarningsRelated Entities
EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
