Third quarter sales at Bed Bath & Beyond were flat as comparable store sales for the period were down slightly.
For the three month period ended November 25, net sales were $3 billion, on par with sales for the same time frame in the prior year’s third quarter. Company officials said comparable store sales were down 0.3%, with comp sales in digital channels up while store comp sales were down low-single digits.
Company officials said the comparable store sales decline reflects a decrease in the number of transactions in stores that was partially offset by an increase in the average transaction amount.
Net earnings for the quarter were $61.3 million, or $0.44 per diluted share, compared to net income of $126.4 million, or $0.85 per diluted share, in the comparable quarter the previous year.