Bed Bath & Beyond (BBBY) Misses Q1 EPS by 10c, Comps Down 2.0%

Bed Bath & Beyond (NASDAQ: BBBY) reported Q1 EPS of $0.53, $0.10 worse than the analyst estimate of $0.63. Revenue for the quarter came in at $2.74 billion versus the consensus estimate of $2.79 billion.

Comparable sales in the fiscal 2017 first quarter decreased by approximately 2.0%, compared with a decrease of approximately 0.5% in last year's fiscal first quarter. Comparable sales from customer-facing digital channels continued to have strong growth in excess of 20%, while comparable sales from stores declined in the mid-single-digit percentage range during the fiscal 2017 first quarter.

Company also declares $0.15 dividend.

Guidance:

At this time, Bed Bath & Beyond Inc. is not updating its full year modeling assumptions provided during its April 5, 2017 conference call with analysts and investors.

Although the first quarter is typically the least impactful quarter in terms of annual sales and earnings, and while the Company continued to have strong growth in its customer-facing-digital channels this quarter, the Company did experience increased softness in transactions in stores, as well as higher net-direct-to-customer shipping expense, coupon expense, and advertising costs during the quarter. It remains to be seen whether these challenges were more pronounced in, or unique to, the first quarter due to the smaller sales base in this period, and/or a later start to the summer selling period.

After the second quarter, the Company believes it will have better visibility to the full-year and, if necessary, will update its full-year modeling assumptions at that time.

For earnings history and earnings-related data on Bed Bath & Beyond (BBBY) click here.

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