NEW YORK (TheStreet) -- Shares of Bed Bath & Beyond Inc (BBBY) were sinking, down 2.49% to $68.59 in pre-market trading Thursday, following the retailer's first quarter earnings release after the market closed yesterday.

For the first quarter, the home furnishings retailer earned 93 cents per share on revenue of $2.74 billion.

Analysts were 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 of last year, the company earned 93 cents per share on sales of $2.66 billion.

Bed Bath & Beyond reported same store sales increased by 2.2% in the first quarter, lower compared to a growth of 2.5% analysts were expecting.

In the same quarter of last year, it posted same store sales growth of 0.4%.

In addition Bed Bath & Beyond repurchased about $385 million of its common stock during the first quarter.

Looking ahead, Bed Bath & Beyond guided fiscal second quarter earnings in a range of between $1.18 per share to $1.23 per share.

The Wall Street consensus estimate calls for a profit of $1.23 per share for the second quarter.

Shares closed at $70.34 in Wednesday's regular session.

Union, N.J.-based Bed Bath & Beyond, with its subsidiaries, is a retailer selling a range of domestic merchandise, including bed linens and related items, bath items and kitchen textiles, as well as other home goods.

Separately, 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

BBBY ChartBBBY data by YCharts

More from Markets

Dow Skids and Stocks Fall Hard as Earnings Disappoint, Caterpillar Tumbles

Dow Skids and Stocks Fall Hard as Earnings Disappoint, Caterpillar Tumbles

Jim Cramer: If You're Afraid of the 10-Year Yield, Go to Cash

Jim Cramer: If You're Afraid of the 10-Year Yield, Go to Cash

Eli Lilly CEO Expresses Confidence in New Rheumatoid Arthritis Drug

Eli Lilly CEO Expresses Confidence in New Rheumatoid Arthritis Drug

Video: Jim Cramer on Rising Interest Rates, Trade Worries & Caterpillar

Video: Jim Cramer on Rising Interest Rates, Trade Worries & Caterpillar

Apple Suppliers Slide After European, Asian Chipmakers Echo Smartphone Concerns

Apple Suppliers Slide After European, Asian Chipmakers Echo Smartphone Concerns