Bed Bath & Beyond Inc (NASDAQ:BBBY) issued financial report for the third quarter of 2017 closed November 25, 2017. For the fiscal third quarter of 2017, the firm posted net earnings of $0.44 per diluted share compared with $0.85 per diluted share for the fiscal Q3 2016. Net sales for Q3 2017 came at approximately $3 billion, almost flat to the comparable quarter, a year earlier. Comparable sales in the Q3 2017 dropped by around 0.3%.
The details
Bed Bath & Beyond reported that comparable sales from consumer-facing digital channels sustained to have robust growth. Comparable sales from stores dropped in the low-single-digit percentage during Q3 2017. The firm’s Board of Directors has announced a quarterly dividend of $0.15 per share, to be distributed on April 17, 2018 to shareholders as of record date March 16, 2018.
During Q3 2017, the firm repurchased around $24 million of its common stock, exhibiting around 929,000 shares, under its current $2.5 billion share repurchase plan. As of November 25, 2017, this plan posted a remaining balance of nearly $1.5 billion.
During the conference call with investors and analysts, Bed Bath & Beyond intends to review its quarterly report and its financial planning assumptions for FY2017, which marks as a 53-week year. The firm’s planning assumptions exhibit actual results through the fiscal Q3 2017 and the existing trends the firm has been experiencing. Depending upon its planning assumptions, the firm continues to model net EPS for the full year to be nearly $3.00.
In the last trading session, the stock price of Bed Bath & Beyond gained more than 3% to close the day at $23.14. The gains came at a share volume of 5.08 million compared to average share volume of 4.65 million. After the recent gains, the market cap of firm was noted at $3.2 billion.
