Bed Bath and Beyond jumps after strong earnings
Bed, Bath and Beyond's stock is spiking after the company announced stronger than expected earnings Wednesday.
The home goods retailer announced earnings of $1.91 per share against expectations by analysts of $1.81 per share. Additionally, revenue came in right in line at $3.4 billion.
"Our fiscal 2015 financial performance reflects the benefit of the significant investments in our business, steady progress on our strategic initiatives, and the return of more than $1.1 billion to our shareholders through share repurchase," said CEO Steven Temares in a release accompanying the earnings.
The stronger earnings come as good news. The company was crushed by coupon offerings at the end of 2015, sending profits down 10%. Even before that, the stock has been sliding for a year, down 37% from April of last year from $77.68 a share.
After the announcement the stock spiked over 8% and has settled up around 4.8% at $51.10 in after-hours trading.
Yahoo Finance
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