Bed Bath & Beyond
exceeded analysts' earnings estimates in the fourth quarter, but a weak outlook sank its shares in late trading.
The company said it expects a first-quarter profit in a range of 26 cents to 30 cents a share, falling short of Wall Street's forecast of 36 cents. Shares of the Union, N.J., home-goods retail chain fell 4.3% after the close. During Wednesday's regular session, the stock dropped 4.7%.
Bed Bath & Beyond posted a fourth-quarter profit of $172.9 million, or 66 cents a share, falling from a profit of $205.8 million, or 72 cents a share, in the year-ago quarter. Revenue declined to $1.93 billion from $1.99 billion a year ago.
The Thomson First Call average estimate was for earnings of 65 cents a share on revenue of $1.96 billion.
Additionally, Bed Bath & Beyond beat fiscal full-year earnings expectations, recording a profit of $2.10 a share. That topped estimates by a penny.
This article was written by a staff member of TheStreet.com.