Bed Bath & Beyond Warns for Q4

Bad news from Bed Bath & Beyond ($BBBY).

After the closing bell, the company said it sees fiscal Q4 EPS coming in between $1.57 and $1.61. That’s below their previous forecast of $1.60 to $1.67. In January, they had lowered their original EPS forecast which was for $1.70 to $1.77.

BBBY’s Q4 ended on March 1, and the earnings report comes out on April 9. They estimate that bad weather knocked six to seven cents per share off the bottom line.

The impact of the disruptive weather included 464 times a store was closed for a full day and 1,923 times that a store was closed for a partial day. For the fiscal quarter, the estimated resulting impact due to the disruptive weather on comparable store sales was in the range of 2.0% to 2.5%. The estimated impact on net earnings per diluted share for the quarter was approximately $.06 to $.07.

The Company’s comparable store sales for the fiscal fourth quarter increased by approximately 1.7% as compared with its previous model of an increase of approximately 2.0% to 4.0%. Although it is early in the process of its financial close, the Company now estimates net earnings per diluted share of approximately $1.57 to $1.61 for the quarter as compared with its previous model of $1.60 to $1.67.

Steven H. Temares, Chief Executive Officer and Member of the Board of Directors of Bed Bath & Beyond Inc. stated, “Despite the weather related challenges, we are pleased with our quarter. Absent the disruptive weather, we believe we would have been comfortably within our sales and net earnings per share ranges of our model. Our store associates continue to perform admirably and we thank each of them for their extraordinary effort. We continue to make excellent progress on our omnichannel initiatives and stay on course for the execution of our long term strategic plan.”

Posted by on March 7th, 2014 at 5:14 pm


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