Bed Bath and Beyond lowers 3Q outlook

UNION, N.J. Bed Bath and Beyond announced that it is presently estimating net earnings for the fiscal third quarter ended Nov. 29 of approximately 31 cents to 35 cents per diluted share.

Net sales for the fiscal third quarter are estimated to have decreased by approximately 0.7% from net sales reported a year ago. The company's comparable-store sales for the quarter are estimated to have declined by approximately 5.6% as compared with previous guidance of a relatively flat to low single digit decline.

Steven Temares, ceo and member of the Board of Directors of Bed Bath and Beyond stated, "The overall macroeconomic climate remains challenging, which, combined with liquidation sales of a major competitor, negatively impacted our fiscal third quarter. We continue to focus on our customers and in doing so, seek to further distance ourselves from our competitors. We also will continue to base our actions on what is prudent under current circumstances and what is in the best long-term interests of our company, our customers and our shareholders."