LONDON (ShareCast) - (ShareCast News) - Bed Bath and Beyond (BBBY) shares suffered after the New Jersey-based home goods retailer fell short of market expectations yet again.
The company said its net sales for the quarter ending 26 August came in at $2.9bn, a 1.7% drop from the same time a year earlier and just below the Wall Street consensus of $3bn.

Earnings per share dived from $0.95 in 2016 to $0.67 twelve months later, on net income of $94.2m, also significantly below forecasts of $132m.

Comparable sales fell 2.6% over the second quarter of Bed Bath and Beyond's trading year, when expectations had been for a much smaller 0.7% decrease.

BBBY said its earnings had been negatively impacted by its previous announcement that it planned to "realign" its management structure in an effort to overhaul its brick-and-mortar and online stores to better compete with its digital rivals.

It also highlighted that the company would lose approximately $0.02 per share as a result of damage caused to both its retail and logistics centres by Hurricane Harvey.

Debt was unchanged at $1.49bn, while cash and equivalents rose from $4.27m to $5.98m.

The firm said it anticipated diluted earnings per share of roughly $3 for the full fiscal year, marking a steep drop from its previously guided 10% fall from the $4.58 figure posted in its previous second quarter earnings.

As of 1625 BST, shares were down 14.32% on the day to sit at $23.16 each.

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