BBB Lowers Q3 Outlook
December 8, 2008,
Specialty retailer Bed Bath & Beyond announced lower projected net earnings for its fiscal third quarter ended Nov. 29, of approximately 31-35 cents per diluted share, from previous guidance of 41-47 cents per share.
Steven Temares, ceo, said, "The overall macroeconomic climate remains challenging, which, combined with liquidation sales of a major competitor, negatively impacted our fiscal third quarter."
The company noted that compared to 2007, this year's third quarter had fewer post-Thanksgiving shopping days, while the fourth quarter will gain two additional pre-Christmas shopping days.
Bed Bath will report actual Q3 results on Jan. 7, at which time it will also update its Q4 and full year guidance.