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