Bed Bath & Beyond Inc. (NASDAQ: BBBY) announced its financial results for the first quarter of fiscal 2018 in the extended session Wednesday. Shares of the company dropped 6.8% after the announcement.
According to the company, total revenue for the first quarter increased 0.4% from $2.74 billion for the same period last year to $2.75 billion, which was in line with analysts’ estimates of $2.75 billion. Same-store sales for the first quarter was down 0.6%, missing analysts’ estimates of a gain of 0.1%.
Net income for the first quarter dropped from $75.3 million, or 53 cents per share, for the same period last year, to $43.6 million, or 32 cents per share. Analysts’ have expected the company’s earnings to be 31 cents per share.
Additionally, the company’s board of directors declared a quarterly dividend of $0.16 per share payable on October 16, 2018 to shareholders of record. The company also repurchased around $22 million of its common stock, which represents around 1.2 million shares.
In the statement, the company provided its guidance for fiscal 2018. The company expected its net sales to remain relatively flat to marginally up year over year. In addition, according to the company, comparable sales were expected to increase in the low-single digit percentage range.