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Bed Bath & Beyond shares stumble 11% on big same-store sales drop

Shares of Bed Bath & Beyond Inc. BBBY, +1.27% fell greater than 11% late Wednesday after the store reported fiscal 2017 fourth-quarter income and gross sales broadly inside expectations however its same-store gross sales fell greater than forecast. Bed Bath & Beyond said it earned $194,000, or $1.41 a proportion, in the quarter, when compared with $269,000, or $1.84 a proportion, in the year-ago period. Sales rose 5.2% to $three.7 billion in the quarter, when compared with $three.5 billion a year in the past. Comparable gross sales fell by way of about zero.6%, together with strong gross sales enlargement from the corporate's digital channels. Analysts polled by way of FactSet had expected income of $1.40 a proportion on gross sales of $three.68 billion. The same analysts, alternatively, had predicted a 2.three% drop for same-store gross sales in the quarter. The corporate said it expects fiscal 2018 per-share net income to be in the low-to-mid $2 vary. That compares with expectations of $three.07 a proportion for the year, consistent with FactSet. Shares ended the common consultation up 1.three%.