Wall Street was mildly bullish on the company ahead of the report. Of the nine analysts covering the stock, five were at either strong buy (3) or buy (2) with the remainder at hold. The median 12-month price target sits at $18, implying upside of more than 33% from closing levels.
Bed Bath & Beyond
The company reported fiscal fourth-quarter earnings of $283.4 million, or $1.12 a share, for the three months ended in February on revenue of $2.51 billion, well ahead of the average estimate of analysts polled by Thomson Reuters for a profit of 97 cents a share on sales of $2.39 billion. Same-store sales jumped 8.5% in the latest quarter.
Bed Bath & Beyond, which operates more than 1,100 stores, offered up a bullish outlook for the full year as well. The company said it sees earnings of 58 to 61 cents a share for its current fiscal first quarter and earnings growth of 10% to 15% for the full year.That projection implies an outlook for a profit of $3.38 to $3.53 a share for the year. Wall Street's current consensus estimates are for earnings of 60 cents a share in the first quarter and $3.33 a share for the year. The stock was up 9.3% to $53.98 in late trades with more than 1.17 million shares changing hands. Prior to the after-hours spike higher the shares were flat since the start of 2011. Wednesday's close at $49.39 was 3% below the stock's 52-week high of $50.95 reached on Feb. 22.