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Shares of Bed Bath & Beyond (BBBY Quote) surged late Wednesday after the home-products retailer managed to top Wall Street's sales estimates for the fiscal first quarter, despite a year-over-year decline.
The Union, N.J., company earned $76.8 million, or 30 cents a share, for the quarter ended May 31, down from $104.6 million, or 38 cents a share, a year earlier. Analysts had expected earnings of 27 cents a share, according to a poll by Thomson Reuters.
During the company's last earnings report, Bed Bath & Beyond said first-quarter profits would probably fall in a range of 26 cents to 30 cents. At the time, analysts were predicting 36 cents. ...
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