Shares of Bed Bath & Beyond Inc. plunged in New York trading Wednesday after the retailer forecast fiscal second-quarter profit that was less than analysts’ estimated amid slowing same-store sales.
The shares fell 10 percent to $66.23 at 4:25 p.m. The Union, New Jersey-based company’s stock had gained 27 percent this year through the close of regular trading.
Profit per share in the current quarter may be 97 cents to $1.03, the company said in a statement. The average of 24 analysts’ estimates compiled by Bloomberg was $1.08 a share.
Bed Bath & Beyond said comparable-store sales in the quarter rose 3 percent compared to a gain of 7 percent in the same period a year earlier. Analysts projected a gain of 3.8 percent, the average of five estimates compiled by Bloomberg. The company had about 1,180 stores as of May 26.
© Copyright 2014 Bloomberg News. All rights reserved.