Bed Bath & Beyond -8.3% AH, misses lofty expectations, guides EPS lower

|About: Bed Bath & Beyond Inc. (BBBY)|By:, SA News Editor

A slight miss in FQ3 and lowered guidance is sending Bed Bath & Beyond (BBBY) shares tanking 8.3% in AH trading.

Comparable store sales growth slowed to 1.3% during the quarter, down from 1.7% in FQ3 of last year.

During the quarter, BBBY opened 5 Bed Bath & Beyond stores, 2 Christmas Tree Shops/andThat! locations, and 3 World Market shops. It closed 3 namesake stores.

Gross margin fell to 39.2% in FQ3 from 39.8% in the respective period last year.

Management sees EPS of $1.60-$1.67 in FQ4, down from previous guidance of $1.70-$1.77, and well below analyst expectations of $1.78.

PR, conference call at 5pm ET