Bed Bath & Beyond Warns Q4 Earnings Hit by 'Adverse Weather'
NEW YORK (TheStreet) - Is there any retailer, apparel, specialty or home-related, that hasn't warned at this point about the horrible fourth quarter they experienced, specifically blaming crappy winter weather?
Bed Bath & Beyond
The Union, N.J.-based company said Friday "adverse weather conditions" hit comparable store sales by roughly 2% to 2.5% in the quarter, meaning that earnings per share would be 6 cents to 7 cents lower due to the weather.
"The impact of the disruptive weather included 464 times a store was closed for a full day and 1,923 times that a store was closed for a partial day," the company said.
Overall, Bed Bath & Beyond's comps rose 1.7% in the quarter, versus its previous comp sales growth guidance between 2% and 4%.
The company now estimates net earnings per diluted share of approximately $1.57 to $1.61 for the quarter as compared to $1.60 to $1.67, previously.
Shares were rising 0.20% to $69.30 after the markets closed on Friday.
"Despite the weather related challenges, we are pleased with our quarter," CEO Steven H. Temares stated. "Absent the disruptive weather, we believe we would have been comfortably within our sales and net earnings per share ranges of our model. Our store associates continue to perform admirably and we thank each of them for their extraordinary effort. We continue to make excellent progress on our omnichannel initiatives and stay on course for the execution of our long term strategic plan."
Bed Bath & Beyond will report its full fourth-quarter and full year earnings on April 9.
--Written by Laurie Kulikowski in New York.