SAN FRANCISCO (MarketWatch) -- Bed Bath & Beyond Inc. (BBBY:Bed Bath & Beyond Inc
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Last: 28.36-1.03-3.50%
4:00pm 01/02/2008
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BBBY 28.36, -1.03, -3.5%) late Thursday reported its fiscal third-quarter profit slipped 3% and warned its full-year profit will fall short of Wall Street's targets. Shares fell more than 7% in late trades. The home merchandise chain posted third-quarter net income of $138.2 million, or 52 cents a share, compared with net income of $142.4 million, or 50 cents a share, a year ago. The company has repurchased 24.5 million shares through Dec. 1. Total sales grew 10.8% to $1.79 billion. Still, comparable store sales rose 0.8%, less than the 4.6% increase in last year's same period. Bed Bath & Beyond pegged earnings for the year ending March 1 between $2.08 and $2.11 a share. Analysts polled by Thomson Financial are targeting $2.20 a share.