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