Promotional cadence crimps Bed Bath’s profit; inability to take price reinforces our no-moat rating.
Third-quarter results for no-moat Bed Bath & Beyond were largely in line with our expectations. While sales and earnings per share tipped slightly higher than our forecast, at $2.95 billion and $0.44, respectively (versus our implied estimates of $2.91 billion and $0.41), the company maintained its full-year outlook for $3.00 in EPS, which is in line with our prior $2.98 estimate (implying comps that decline at a low-single-digit clip in the fourth quarter). We don’t plan any material change...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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