BBB lowers Q3 outlook
-- Home Textiles Today, 12/3/2008 2:32:00 PM
Union, N.J. – Specialty retailer Bed Bath & Beyond announced lower projected net earnings for its fiscal third quarter ended Nov. 29, of approximately 31-35 cents per diluted share, from previous guidance of 41-47 cents per share.
The company said it estimates that quarterly net sales have decreased by about 0.7% from the same period one year ago; the estimated comp decline was 5.6% -- against previous guidance “of a relatively flat to low single digit decline.”
Steven Temares, ceo, said, “The overall macroeconomic climate remains challenging, which, combined with liquidation sales of a major competitor, negatively impacted our fiscal third quarter.”
The company noted that compared to 2007, this year’s third quarter had fewer post-Thanksgiving shopping days, while the fourth quarter will gain two additional pre-Christmas shopping days.
Bed Bath will report actual Q3 results on Jan. 7, at which time it will also update its Q4 and full year guidance.
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