Comp sales projection slashed by Bed Bath & Beyond

Union,N.J.– Sometimes the truth hurts. Bed Bath & Beyond late yesterday pre-announce” that its first quarter results – not due out until June 27 – would likely fall short of a consensus projection by Wall Street analysts, and by mid-day today the share price had fallen by as much as 6% in high-volume trading.

For the quarter ended June 2, BB&B predicted net earnings per diluted share will come in at $0.36 to $0.38. The average analyst estimate throughout the quarter had been steady at $0.39.

Perhaps worse, BB&B said comp store sales were now expected to creep up “approximately 1.6% as compared with the planned increase of 3 to 5%.”

"Based upon what we have experienced and has been reported by others, the overall retailing environment, especially sales of merchandise related to the home, has been challenging,” said ceo Steven Temares in a company press release that was relatively rare for being issued weeks before the scheduled earnings announcement.

“The efforts of our associates and their ability to execute remain at high levels. We continue to base our decisions upon what is necessary to achieve our long-term objectives,” Temares continued. “While we did not achieve all of our financial goals during our initial fiscal quarter of 2007, we remain optimistic that this year will be our best ever."

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