Bed Bath & Beyond Inc. (NASDAQ: BBBY) reported weaker-than-expected results for its second quarter. The company sees FY18 EPS at the low end of its previously guided range. Second-quarter comps were down 0.6%.
The Union, New Jersey company reported net earnings of $.36 per diluted share ($48.6 million), compared with $.67 per diluted share ($94.2 million) for the fiscal 2017 second quarter.
Net sales for the fiscal 2018 second quarter were approximately $2.9 billion, flat to the prior year quarter. Comparable sales in the fiscal 2018 second quarter decreased by approximately 0.6%, and included strong sales growth from the Company's customer-facing digital channels, and sales from stores that declined in the mid-single-digit percentage range.
Wednesday, the Company's Board of Directors declared a quarterly dividend of $0.16 per share payable on January 15, 2019 to shareholders of record at the close of business on December 14, 2018.
During the fiscal 2018 second quarter, the Company repurchased approximately $41 million of its common stock, representing approximately 2.1 million shares, under its existing $2.5-billion share repurchase program.
As of September 1, 2018, the program had a remaining balance of approximately $1.4 billion.
The Company ended the fiscal 2018 second quarter with approximately $1.1 billion in cash and investment balances, an increase of approximately $532 million, compared with approximately $563 million at the end of the fiscal 2017 second quarter.
BBBY shares began Thursday submerged $4.06, or 21.6%, to $14.75, a new 52-week low.
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