Bed Bath and Beyond soars more than 20% on improved 2019 earnings guidance

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Bed Bath & Beyond, a home goods store, at Jacksonville Beach, Florida

Bed Bath & Beyond said it is ahead of its long-term financial goals in its quarterly earnings released on Wednesday. The stock soared more than 20 percent after hours.

The company said it is ahead of schedule in terms of slowing down the declines in operating profit and net earnings per share, plus increasing net earnings per share by 2020. It also said that its fiscal 2019 earnings per share will be about the same as 2018’s, a big beat over the Street consensus, which saw a 21 percent decline.

In the third quarter, the company beat expectations in earnings per share. It earned 18 cents per share, while analysts expected 17 cents per share, according to Refinitiv. However, it missed on revenue, reporting $3.03 billion. Analysts expected $3.04 billion.

In the second quarter, the company lost almost a quarter of its value after it reported disappointing earnings.

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