Albany, New York (09/25/2014) – Bed Bath & Beyond Inc. (NASDAQ:BBBY) unveiled its quarterly financial report recently. Immediately after the report, the company soared because of better-than-expected earnings and annual forecast.
The Financial Report Card
In Q2 of the present financial year, the company’s profit summed up at $1.17 a share. The average profit calculated by Bloomberg was $1.14. Sales of the company jumped to $2.94 billion, or 4.3% for the quarter ending August 30, 2014. This was forecasted as $2.89 billion.
The net earnings per diluted share summed up to $1.17, in contrast with $1.16 of the second quarter of previous fiscal. The full year forecast of the company’s Earnings per Share stood at approximately $5 to $5.08 apiece.
Bed Bath & Beyond Inc. (NASDAQ:BBBY) which owns Buybuy Baby, Christmas Tree Shops, as well as, Cost Plus World Market, along with the flagship chains of Bed Bath & Beyond, had significant sales during the quarter. The company announced that its shareholders have given a nod to the share repurchase program of additional $2 billion units.
With the strong quarterly report, BBBY is looking for the future prospects.
Company’s gross profit for Q2 2014 was 38.5% of net sales, approximately. For the same period in previous fiscal, this was 39.4% of net sales.
Further Course of Action and Guidance
The company voiced out about its intent for future. Bed Bath & Beyond is looking forward to optimization of store operations, apart from renovation, relocation of stores, opening and closing of some stores, along with downsizing and expansion. As of now, the stores of the company in operation were 1,506.
Bed Bath & Beyond Inc. (NASDAQ:BBBY) ended Q2 2014 with cash or cash equivalents worth $1.4 billion approximately.
As far as the guidance for the next quarter, i.e., Q3 2014, is concerned, the company said that it is expecting the consolidated net sales to jump by around 2.8- 3.7%. The net earnings per diluted share are expected to be around $1.17 to $1.21 for Q3 2014 and $1.78 to $1.83 for Q4 2014.