NEW YORK (TheStreet) -- Shares of Bed Bath & Beyond Inc. (BBBY) are down -5.6% to $64.10 in pre-market trade after the chain of retail stores reported fiscal fourth quarter earnings that declined 11% as the company saw sales decline.
Growth of Bed Bath & Beyond's same-store sales slipped to 2.4% in fiscal 2013 from 2.7% in 2012.
Fourth quarter net income fell 11% to $333.3 million, or $1.60 a share, from $373.9 million, or $1.68, a year earlier. Net sales dropped 5.8% to $3.2 billion in the period that ended March 1.
For the fiscal first quarter, the company expects earnings of 92 cents to 96 cents a share. Analysts expected per share earnings of $1.02.
Bank of America (BAC)BAC downgraded Bed Bath & Beyond to "neutral" from "buy" and lowered guidance
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 revenue growth, growth in earnings per share, notable return on equity, increase in stock price during the past year and increase in net income. We feel these strengths outweigh the fact that the company shows weak operating cash flow."