(RTTNews) – Bed Bath & Beyond Inc. (BBBY) reported second quarter adjusted net earnings per share of $0.50, compared to $0.34, a year ago. On average, 16 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.23, for the quarter. Analysts’ estimates typically exclude special items.
Second quarter net sales were approximately $2.69 billion, a decrease of approximately 1% from last year. Comparable sales increased approximately 6%, for the quarter. The company said comparable sales benefited from significantly strong growth in digital channels of approximately 89%, partially offset by an approximately 12% decline in comparable store sales. Analysts expected revenue of $2.6 billion, for the quarter.
During the second quarter, the company generated cash flow of over $750 million; reduced its gross debt by approximately $500 million or 30%; and further enhanced its liquidity position by approximately $400 million to approximately $2.2 billion.
Bed Bath & Beyond said, on a preliminary basis, monthly sales for September show positive comparable sales growth, with similar store and digital sales as in the second quarter and accelerated BOPIS trends.
Shares of Bed Bath & Beyond were up more than 10% in pre-market trade on Thursday.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.