Bed Bath & Beyond’s (NASDAQ: BBBY) Q2 earnings surpassed analysts’ estimates, while sales fell short of the expectations. The home goods retailer posted adjusted earnings of $0.34 per share on sales of $2.72 billion for the second quarter of 2019. Wall Street had projected the company to post earnings of $0.29 per share on revenue of $2.75 billion. BBBY stock was down about 1% at 5:00 PM ET.
It was expected that the company would annouce about the appointment of a new CEO. However, BBB stated that it remains on track with its expectation of making an announcement soon regarding a permanent CEO. The troubling retailer’s stock continued its dismal performance during today’s regular trading session and ended down 2.91% at $10.02.
Bed Bath & Beyond updated its fiscal 2019 outlook. The company now expects EPS to be between $2.08 and $2.13. Full-year sales is now projected to be around $11.4 billion. When the New Jersey-based retailer reported first quarter results, it had modeled the FY19 outlook to be at the lower end of its previously provided ranges of $2.11 to $2.20 for earnings per share and $11.4 billion to $11.7 billion for sales.
As part of the cost savings initiative, BBB reduced its corporate workforce by about 7% in July and eliminated the role of Chief Operating Officer recently.
BBBY stock, which plunged to a multi-year low ($7.31) in the mid-August, has dropped 11% since the beginning of this year and 29% in the trailing 12 months.