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Bed Bath & Beyond 4Q profit down 11 percent

UNION, N.J. (AP) -- Bed Bath & Beyond Inc. reported that weaker sales helped drive its fiscal fourth-quarter profit down nearly 11 percent.

The home goods retailer's outlook came in below market expectations, and it shares fell 5 percent in after-hours trading Wednesday.

Bed Bath & Beyond earned $333.3 million, or $1.60 per share, for the quarter that ended March 1. That is down from $373.9 million, or $1.68 per share, last year. Its total revenue slipped nearly 6 percent to $3.2 billion from $3.4 billion.

Analysts polled by FactSet were anticipating earnings of $1.60 per share on revenue of $3.22 billion.

The company, based in Union, N.J., warned investors in March that cold winter weather would hurt its earnings for the period and cut its guidance. A number of retailers have reported that the extreme snow and cold kept many shoppers at home.

Bed Bath & Beyond has 1,496 stores in North America under its namesake brand, as well as Cost Plus, buybuy Baby and others.

The company said that its revenue from stores open at least a year, considered a key indicator of financial performance as it strips out recently opened and closed sites, increased 1.7 percent in the most recent quarter.

Its full-year net income amounted to $1.02 billion, or $4.79 per share, on revenue of $11.5 billion.

For the first quarter, Bed Bath & Beyond forecast earnings of 92 to 96 cents per share. Analysts expect $1.02 per share, on average.

In late trading, shares of the company traded at $64.49, down $3.42.