Investing.com -- Shares in Bed Bath & Beyond Inc (NASDAQ:BBBY) inched down in after-hours trading, after the merchandise retailer of home interior goods posted mixed results for its second quarter on Thursday.
During Bed Bath & Beyond's second quarter, which ended in late-August, the New Jersey-based company saw its net earnings fall to $201.7 million from $224 million over the same three-month period a year earlier. Bed Bath & Beyond's net earning per share, meanwhile, increased from $1.17 to $1.23, on 13% fewer outstanding shares.
The home product retailer, however, saw its revenue spike 2.2% on a constant currency basis and 1.7% overall from $2.945 to $2.995 billion over the quarter. The revenues fell just short of analysts' expectations for sales of $3.03 billion for the second quarter.
For the 13-week period, Bed Bath & Beyond's comparative store sales increased 0.7%, well under gains of 3.4% in the same quarter last year. Same-store sales at stores which have been opened more than a year gained 0.7%, significantly below the company's projected level of 3%.
"We are pleased that we have been able to make significant investments in people and technology to position our Company for continued successful growth in the ever evolving retail environment, while at the same time, returning value to our shareholders through share repurchases," Bed, Bath & Beyond CEO Steven Temares said in a statement.
In addition, the company's board of directors authorized a $2.5 billion stock repurchasing program on Thursday, which Temares said will be funded from its current cash and future cash flows."
Shares in Bed Bath & Beyond fell 0.54 or 0.91% to 58.79 in after-hours trading. In the regular session, Bed Bath & Beyond shares dropped below $59 to fall to a 52-week low.