Bed Bath & Beyond Inc. (NASDAQ: BBBY) shares staggered Wednesday as the company reported downbeat earnings for its second quarter.
A news release issued Tuesday revealed that the household furnishing chain based out of Union, New Jersey, the Company reported net earnings of $.67 per diluted share ($94.2 million), including the unfavorable impacts of approximately $.08 per diluted share of cash restructuring charges associated with the acceleration of the realignment of the store management structure announced in August 3.
The release went on to say the estimated costs associated with the impact of Hurricane Harvey of approximately $.02 per diluted share; and the impact of the new share-based payment accounting standard of approximately $.01 per diluted share, compared with $1.11 per diluted share ($167.3 million) for the fiscal 2016 second quarter.
BBBY also declared a quarterly dividend of 15 cents per share, to be paid on January 16, 2018 to shareholders of record at the close of business on December 15, 2017.
During the fiscal 2017 second quarter, the Company repurchased approximately $56 million of its common stock, representing approximately 1.8 million shares, under its existing $2.5 billion share repurchase program. As of late August, the program had a remaining balance of approximately $1.6 billion.
Bed Bath & Beyond sells a wide assortment of domestics merchandise and home furnishings which operates under the names Bed Bath & Beyond, Christmas Tree Shops, Christmas Tree Shops andThat! or andThat!,
The stock traded lower $3.89, or 14.4%, to $23.14, within a 52-week trading range of $26.54 at $48.83.
