Domestic merchandise retail store chain Bed Bath & Beyond (BBBY) reported higher top line results for fourth quarter of 2017, pushed by growth in customer-facing digital channels which increased sales by 5.2% to $3.71 billion. Comparable sales for fourth quarter 2017 declined by about 0.6%. Earnings, however, was impacted by the 2017 Tax Act, which sunk by 27.7% to $194 million or $1.41 per share. On an adjusted basis, the company reported earnings of $1.48 per share.
As the company reported disappointing forecast for fiscal 2018, the stock plunged 14% in after-market trading.
Bed Bath’s BoD declared an increase in the quarterly dividend to $0.16 per share, which is payable on July 17, 2018 to shareholders of record at the close of business on June 15, 2018.
The company expects net earnings per diluted share for the full year 2018 to be in the low-to-mid $2 range.