Bed, Bath & Beyond Misses In Q1, Online Investment Boosts CompsThursday June 25th, 2015 - 10:07AM
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
For the first quarter of fiscal 2015 ended May 30, Bed, Bath & Beyond posted net earnings of $158.5 million, or 93 cents per diluted share, versus $187.1 million, or 93 cent per diluted share, in the year-earlier period. Comparable sales in the 2015 quarter advanced 2.2% year over year, the company stated. Earnings per diluted share missed a Zacks Investment Research analyst average estimate by a penny. Comparable sales for the first quarter of fiscal 2015 include an approximate 0.3 percentage points unfavorable impact from the year over year change in the Canadian currency exchange rate, the company noted. Net sales were $2.74 billion, Bed, Bath & Beyond reported, up 3.1% from the 2014 first quarter. With higher selling, general and administrative expenses recorded, operating profit came in at $273.3 million versus $300.7 million in last year's quarter. In a conference call, Sue Lattmann, Bed, Bath & Beyond's CFO and treasurer, pointed out that SG&A expenses increased to 28.1% of net sales as compared to 27.5% in last-year's first quarter due to higher technology costs, including related depreciation, as well as an advertising expense increase partly attributable to growth in digital advertising. In the conference call, Steven Temares, Bed, Bath & Beyond's CEO, said that first quarter comps completed through the company's websites and mobile applications increased more than 35% while those in stores were relatively flat. Temares maintained that Bed, Bath & Beyond has continued to invest in its online capabilities including expanding product selection. He noted that the company has rolled out a brand-name mattresses line and launched several new collections of outdoor patio furniture and accessories on the company e-commerce website, following up with new bedding and home decor introductions. In addition, during May, Bed, Bath & Beyond launched an online-available product collection developed in conjunction with the country music band Lady Antebellum, one inspired by the band's lifestyle, songs and stories, he said. The company also is preparing a new customer contact center in Utah, Temares added. In the quarter, Bed, Bath & Beyond opened two new namesake stores during the first quarter and closed one Cost Plus World Market store. Tags: bed bath & beyond • sales • revenues • earnings • income • comparable sales • comps • Steven Temares • Sue Lattmann • lady antebellum • cost plus world market • ecommerce • Housewares • Retail • Financials •
« Go Back
« Printer Friendly
|
| 
| | 
| 
| 
| 
| 
| | 
| 
After a winter that seemed would never end fades deep into the background, the housewares race is heating up as the all-important second half nears. There is no turning back at this point. But a recap of some of the first-half developments that set the pace for 2015 provides some guidance.
