Bed Bath & Beyond Posts Lower Q3 Profit

(RTTNews) - Bed Bath & Beyond Inc. (BBBY) reported net income for the third quarter of $225.4 million or $1.23 per share, compared to $237.2 million or $1.12 per share for the year-ago quarter.

The latest quarter results include about $0.04 per share of net benefits for certain non-recurring items, including credit card fee litigation.

Net sales for the third quarter rose 2.7% to $2.94 billion from $2.87 billion in the same quarter last year. Same-store sales for the third quarter increased about 1.7%.

Analysts polled by Thomson Reuters expected the company to earn $1.19 per share on revenue of $2.97 billion for the third quarter. Analysts' estimates typically exclude special items.

Looking forward, the company continues to forecast earnings of $1.78 to $1.83 per share for the fourth quarter.

The company said it now expects full fiscal year 2014 earnings to be $5.05 to $5.09 per share, compared to its prior outlook of $5.00 to $5.08 per share.

Analysts currently expect the company to earn $1.80 per share for the fourth quarter and $5.04 per share for the full fiscal year 2014.