NEW YORK (TheStreet) -- Watch out for Bed Bath & Beyond (BBBY) - Get Report Thursday. The home goods retailer reported a slight miss in fiscal first-quarter earnings after the bell Wednesday and a weak second-quarter outlook.

Bed Bath closed Wednesday down 0.6% at $70.34 but after hours the stock has fallen over 2.6%.

In its first quarter Bed Bath posted a profit of 93 cents per share on revenue of $2.74 billion. Wall Street was expecting the company to earn 94 cents per share on revenue of $2.74 billion for the quarter ended May 2015, according to Thomson Reuters data. In the same quarter a year ago, the company earned 93 cents per share on sales of $2.66 billion.

Bed Bath & Beyond reported same-store sales rose by 2.2% in the first quarter as online competition pinched margins, compared to growth of 2.5% analysts had projected. In the same quarter of last year, Bed Bath posted same-store sales growth of 0.4%. The company also said currency impacts had a negative effect on its latest quarterly financial results.

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The company said in its fiscal second-quarter profit would come in between $1.18 and $1.23 per share for the current quarter. Wall Street expected $1.23. Bed Bath also said it repurchased about $385 million of its common stock during the first quarter.

TheStreet Ratings team rates BED BATH & BEYOND INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate BED BATH & BEYOND INC (BBBY) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, revenue growth, notable return on equity and attractive valuation levels. We feel its strengths outweigh the fact that the company shows weak operating cash flow."

You can view the full analysis from the report here: BBBY Ratings Report