NEW YORK (TheStreet) -- Shares of Bed Bath & Beyond (BBBY) fell in late trades Wednesday after the Union, N.J.-based specialty retailer beat Wall Street's profit view for its latest quarter but came in slightly below expectations on the top line.
For the three months ended Nov. 26, the company posted a profit of $228.5 million, or 95 cents a share, on sales of $2.34 billion with same-store sales rising 4.1%. The average estimate of analysts polled by Thomson Reuters was for earnings of 88 cents a share on revenue of $2.35 billion in the November-ended period.
Bed Bath & Beyond also said it sees earnings of $1.28 to $1.33 a share for its fiscal fourth quarter ending in February and $3.86 to $3.92 a share for the full year. The current consensus estimate is for earnings of $1.30 a share in the fourth quarter.
The stock was last quoted at $59.15, down 3.7%, on volume of more than 400,000, according to Nasdaq.com. Based on Wednesday's regular session close at $61.43, the shares were up more than 25% so far in 2011.
Micron TechnologyA much deeper than expected quarterly loss sent shares of Micron Technology (MU) ticking lower in Wednesday's extended session. For the three months ended Dec. 1, Micron posted a loss of $187 million, or 19 cents a share, on revenue of $2.09 billion. The loss was wider than its fiscal fourth-quarter loss of $135 million, or 14 cents a share, as well as beyond the average estimate of analysts polled by Thomson Reuters for a loss of 8 cents a share in the latest period on revenue of $2.13 billion. Gross margins were 15% in the first quarter with improvements in margins for NAND flash memory products offset by softness in DRAM [dynamic random-access memory] products, which saw average selling prices fall 12% in the period. Revenue from DRAM products was flat on a sequential basis, Micron said, while revenue from NAND flash products increased 6% quarter-to-quarter. The stock was last quoted at $5.52, down 2 cents, on after-hours volume of nearly 500,000, according to Nasdaq.com. The shares are down more than 25% year-to-date, and more than 50% from their 52-week high of $11.95 on Feb. 14.
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