Strong dollar hits Bed Bath & Beyond
A drop in same-store sales led Bed Bath & Beyond to report a 21% decline in profit for the third quarter.
The retailer said same store sales in the third quarter ended Nov. 28 decreased by approximately 0.4%, compared with an increase of approximately 1.7% in last year's fiscal third quarter. Same-store sales from digital channels grew in excess of 25%.
Bed Bath & Beyond reported a profit of $177.8 million, or $1.09 a share, compared with $225.4 million, or $1.23 a share, a year earlier. Revenue rose 0.3% to $2.95 billion.
The company said its income faced tax expenses and currency headwinds in the third quarter.
For the current quarter, Bed Bath & Beyond said it expects same-store sales to climb about 2%.