Home goods retailer falls short in Q1

Bed Bath & Beyond Inc.’s first quarter profit declined amid flat sales and increased expenses that cut into its bottom-line.



The company’s profit fell to $122.6 million from $158.5 million in the year-ago period, less than analysts had expected.



Sales remained flat year-over-year at $2.74 billion, also below estimates. Same-store sales decreased 0.5%.

Bed, Bath & Beyond’s selling and administrative expenses increased to $810.6 million from $770.9 million last year. Sales costs rose to $1.71 billion from $1.69 billion last year.



Last week, the retailer announced it had acquired home furnishings flash-sales site One Kings Lane in an all-cash transaction.