UNION (dpa-AFX) - Bed Bath & Beyond Inc. (BBBY) reaffirmed its previously issued fiscal 2021 net sales and adjusted EBITDA outlook of between $8.0 - $8.2 billion and between $500 - $525 million, respectively. The company also announced an increase in its 3-year share repurchase program to $1 billion from $825 million.
Directionally, the company expects first quarter net sales, on a reported basis, to increase by over 40%. The company expects to deliver between $80 and $90 million in adjusted EBITDA.
Fourth quarter adjusted earnings per share was $0.40 compared to $0.38, prior year. Adjusted EBITDA rose 13% to $168 million. On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $0.31, for the quarter. Analysts' estimates typically exclude special items. GAAP net income was $9 million or $0.08 per share, for the quarter.
Fourth quarter net sales were $2.62 billion, down 16% from a year ago. Analysts expected revenue of $2.63 billion, for the quarter. Core banner net sales decreased approximately 3%. Total Enterprise comparable sales growth was 4%.
Shares of Bed Bath & Beyond were down 6% in pre-market trade on Wednesday.
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