BBB lowers Q3 outlook
Larry Thomas -- Furniture Today, December 3, 2008
Union, N.J. – Specialty retailer Bed Bath & Beyond announced lower projected net earnings for its fiscal third quarter ended Nov. 29, of approximately 31-35 cents per diluted share, from previous guidance of 41-47 cents per share.
The company said it estimates that quarterly net sales have decreased by about 0.7% from the same period one year ago; the estimated comp decline was 5.6% -- against previous guidance “of a relatively flat to low single digit decline.”
Steven Temares, ceo, said, “The overall macroeconomic climate remains challenging, which, combined with liquidation sales of a major competitor, negatively impacted our fiscal third quarter.”
The company noted that compared to 2007, this year’s third quarter had fewer post-Thanksgiving shopping days, while the fourth quarter will gain two additional pre-Christmas shopping days.
Bed Bath will report actual Q3 results on Jan. 7, at which time it will also update its Q4 and full year guidance.
Industry Related Content
Furniture Today's Ray Allegrezza Speaks with Stephen Bogart about Fine Furniture's New Bogart Line