Earnings Market

Bed Bath & Beyond Inc. (NASDAQ:BBBY) and General Mills Inc. (NYSE:GIS) plummet on earnings reports

Bed Bath & Beyond Inc. (NASDAQ:BBBY) shares hit a new 52-week low of $22.41 on Wednesday after the company posted weak earnings for the second quarter.

The New Jersey-based retailer reported earnings of $94.2 million, or 67 per share for the latest quarter, well below earnings of $1.11 per share in the same period last year. Revenue for the quarter came in at $2.9 billion, as compared to $2.99 billion in the year-earlier quarter.

Analysts on average were looking for a profit of 93 cents per share on $3 billion in revenue. The company blamed effects Hurricane Harvey and restructuring for the miss.

General Mills Inc. (NYSE:GIS) shares fell nearly 6 percent today after the company posted lower-than-expected earnings for the first quarter amid decline in cereal and yogurt sales in North America.

Overall the Minneapolis, Minnesota-based company posted a profit of 71 cents per share, which missed consensus forecast of 76 cents per share. Net sales dropped to $3.77 billion, and also below analysts’ average estimate of $3.79 billion.

General Mills (GIS) stock hasn’t performed well in the recent past. The stock plummeted nearly 20 percent over the last year and more than 15 percent so far this year. The company has a market cap of $29.91 billion and P/E ratio of 18.83.

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