Bed Bath & Beyond says weather hampers 4Q profit
Bed Bath & Beyond says cold weather chills profit in its 4th quarter
UNION, N.J. (AP) -- Bed Bath & Beyond Inc. said Friday that cold weather put the chill on its fourth-quarter profit.
The Union, N.J., company, which operates Bed Bath & Beyond, Cost Plus World Market and other stores, is the latest in a string of retailers to report that snowy, cold weather forced it to close stores and kept shoppers at home.
Bed Bath & Beyond estimated that the winter weather reduced its earnings by 6 to 7 cents per share for three-month period that ended March 1. It expects to earn $1.57 to $1.61 per share for the quarter, down from its prior forecast of $1.60 to $1.67 per share.
Analysts polled by FactSet were anticipating earnings of $1.65 per share.
The retailer said it expects its revenue from stores open at least a year will be up 1.7 percent for the quarter, versus its earlier forecasts of a 2 to 4 percent gain.
Company CEO Steven Temares said that despite the weather-related challenges, the company is pleased with its performance and believes that absent the severe weather, it would have been within its guidance for the quarter.
Bed Bath & Beyond said that during the quarter, it closed stores 464 times for a full day and 1,923 times for a partial day due to weather.
The company is scheduled to report its full quarterly results on April 9.
Shares of the retailer increased 90 cents to close regular trading at $69.16 and added 4 cents in after-hours trading.
