(Reuters) - U.S. home goods chain Bed Bath & Beyond Inc (BBBY.O) missed Wall Street’s profit estimates in the first quarter as higher costs offset better-than-expected sales.
The company, which has been aggressively investing in ecommerce, said its first-quarter net earnings were $202.5 million, or 93 cents a share, compared with $206.8 million, or 89 cents a share, a year earlier.
Excluding a tax benefit, it earned 92 cents a share, missing the analysts’ average estimate by a cent, according to Thomson Reuters I/B/E/S.
Sales rose 17.8 percent to $2.61 billion, coming in above the analysts’ average estimate of $2.60 billion.
Reporting By Dhanya Skariachan. Editing by Gunna Dickson