Monday March 10th, 2014 - 2:57PM
Bed Bath & Beyond announced that its fiscal fourth quarter results were impacted by adverse weather conditions during the period. The fiscal quarter, which ended March 1, included 464 times a store was closed for a full day and 1,923 times that a store was closed for a partial day. The estimated resulting impact due to the disruptive weather on comparable store sales was in the range of 2% to 2.5%. The estimated impact on net earnings per diluted share for the quarter was approximately $.06 to $.07, the company said.
Additionally, Bed Bath and Beyond's comparable store sales for the fiscal fourth quarter increased by approximately 1.7% as compared with its previous model of an increase of approximately 2.0% to 4.0%. Although it is early in the process of its financial close, the company said that it now estimates net earnings per diluted share of approximately $1.57 to $1.61 for the quarter as compared with its previous model of $1.60 to $1.67.
Steven H. Temares, CEO and member of the Board of Directors stated, "Despite the weather-related challenges, we are pleased with our quarter. Absent the disruptive weather, we believe we would have been comfortably within our sales and net earnings per share ranges of our model. Our store associates continue to perform admirably and we thank each of them for their extraordinary effort. We continue to make excellent progress on our omnichannel initiatives and stay on course for the execution of our long term strategic plan."