January 9, 2019 / 9:32 PM / 2 months ago

Bed Bath & Beyond posts better-than-expected profit, shares soar

Jan 9 (Reuters) - Home furnishing retailer Bed Bath & Beyond Inc on Wednesday reported a better-than-expected quarterly profit and reaffirmed its full-year earnings forecast, sending its shares up 22 percent in extended trading.

The Union, New Jersey-based company’s net income fell to $24.4 million, or 18 cents per share, in the third quarter ended Dec. 1, from $61.3 million, or 44 cents per share, a year earlier.

Analysts on average had expected a profit of 17 cents per share, according to IBES data from Refinitiv.

Net sales rose to $3.03 billion from $2.95 billion.

However, total comparable sales fell 1.8 percent, continuing their slide for the seventh straight quarter. Analysts had expected comparable sales to fall 0.29 percent. (Reporting by Soundarya J in Bengaluru; Editing by Maju Samuel)

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