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Investors are going to keep a close eye on Bed Bath and Beyond (NASDAQ: BBBY) Wednesday afternoon when the company reports its fiscal third quarter numbers.

Going into tomorrow's earnings announcement, analysts are expecting the company to post third quarter earnings of 33 cents per share. During its third quarter last year the company matched analyst estimates for 52 cents per share, so hitting its 33 cent estimate this year would mean a drop of 36% year over year.

Last month, the company pre-announced its quarterly numbers and stated that it expected earnings would fall somewhere between 31 and 35 cents a share. This estimate was down from the company's previous guidance of 41 to 47 cents per share.

Of course, one of the main reasons for the company's lower guidance was overall weakness in the economy, but it also faced increased competition from the liquidation sale at its main rival, Linens 'n Things. As Linens 'n Things was preparing to close its doors, its inventory was put on massive discount, and Bed Bath and Beyond was hurt by consumers flocking to buy the highly discounted prices over at Linens 'n Things. I, personally, did a lot of holiday shopping at Linens 'n Things, as did many people that I know.

Continue reading Bed Bath and Beyond (BBBY) Q3 earnings preview

Bed Bath and Beyond (BBBY) Q3 earnings preview originally appeared on BloggingStocks on Tue, 06 Jan 2009 18:40:00 EST. Please see our terms for use of feeds.

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