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Bed Bath & Beyond Reports 1st-Quarter Earnings

Bed Bath & Beyond Inc. ( NASDAQ:BBBY ) posted mixed first-quarter 2018 earnings results after the closing bell on Wednesday. While the company’s earnings beat expectations and revenue was in line with estimates, its same-store sales declined from the prior year.

Diving into the numbers

The retail chain posted earnings of $43.6 million, or 32 cents per share, for the quarter.

Revenue grew 0.4% year over year to $2.75 billion.

Same-store sales declined 0.6% as a result of strong digital sales being offset by a decline in in-store sales. The decrease in the number of transactions in stores was partially offset by an increase in the standard transaction amount.

While the company’s gross margin was 35% of net sales, its selling, general and administrative expenses for the quarter increased to 32.1% of net sales. The increase in expenses was due to an increase in payroll and payroll-related expenses.

Missouri's largest utility selling recent utility law, watchdog groups highly critical

Ameren Missouri, the state’s largest power company, has been enthusiastically embracing a sweeping utility law passed by the legislature and signed into law by Former Governor Eric Greitens before he resigned.

The legislation was approved by a wide majority of lawmakers after the utility giant had spent years trying to get similar measures across the finish line with no success.

The new law includes rate caps Ameren contends are the most stringent in the country, a capital investment plan that the utility claims will unleash $1 billion in grid modernization and a 5% rate cut reflecting the large corporate tax reduction passed by Congress.

The utility says the rate cut will amount to more than $100 million in annual federal tax savings to its Missouri customers.  Warren Wood, Vice President of External Affairs and Communications for Ameren Missouri, says customers will see the rate reduction quickly.

“The rate cut provision has an emergency clause on it, so it’s already law,” said Wood.  “And there’s a timeline of 90 days from when the governor signs it for it to be implemented by the Missouri Public Service Commission.  So, the rate cut happens  well in advance of the rest of the bill even being effective.”

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