Bed Bath & Beyond Down 13% After Results
By Michael Dabaie
Bed Bath & Beyond Inc. (BBBY) shares were down 13% to $16.98 premarket after reporting results.
For the full year, the company swung to a loss of $137.2 million, or $1.02 per share. Adjusted EPS was $2.05. Sales were about $12 billion, down about 2.6%, with a comparable sales decline of about 1.1%.
Fourth-quarter adjusted EPS was $1.20, beating the FactSet consensus for $1.12. Sales were about $3.31 billion, down about 11% from a year earlier and shy of the FactSet consensus for $3.33 billion. Comparable sales declined about 1.4%.
The company named a new lead independent director and pledged additional changes to its board, governance structure and compensation practices.
Bed Bath & Beyond projected a fiscal 2019 profit of $2.06 to $2.15 a share and adjusted EPS between $2.11 and $2.20.
Wedbush raised its price target to $19 a share from $14, with a Neutral rating. "While a better 2019 profit outlook leads us to increase our EPS estimates and boost our target price to $19 from $14, with a murky medium-term fundamental outlook and no clear path to more material activist-driven change, we remain NEUTRAL on BBBY," Wedbush said.
Write to Michael Dabaie at email@example.com
(END) Dow Jones Newswires
April 11, 2019 08:55 ET (12:55 GMT)Copyright (c) 2019 Dow Jones & Company, Inc.