Bed Bath & Beyond reported fiscal fourth quarter earnings that beat analysts’ expectations. But it posted a loss for the full fiscal year.
The home goods retail chain’s adjusted earnings for the quarter came in at $1.20 a share, which surpassed the Street’s estimates of $1.12 a share. Revenue of $3.31 billion fell slightly short of analysts’ expectations of $3.33 billion.
Same-store sales declined -1.4% in the quarter, compared to analysts' expectations of a decline around -1.3%.
For the full fiscal year, the company incurred a loss of -$137.2 million, which is its first ever annual loss. Revenue fell -2.6% for the year.
Looking ahead, Bed Bath & Beyond forecasts that its fiscal 2019 earnings would range between $2.11 and $2.20 a share, excluding certain charges. That is higher than the $1.80 a share that analysts polled by FactSet had predicted for the company.
The company has hiked its quarterly dividend to 17 cents a share from 16 cents.
On the other hand, three activist firms - Legion Partners, Macellum and Acora Advisors - have been wanting to nominate 16 candidates to replace Bed Bath & Beyond’s existing board.