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Bed Bath & Beyond Inc. BBBY reported a second-quarter earnings beat after Wednesday's bell.

Adjusted earnings came in at 34 cents per share, beating estimates by 5 cents. Sales came in at $2.719 billion, beating estimates by $410 million.

"We are making good progress against our four key near-term priorities, including: (1) stabilizing sales and driving top-line growth; (2) resetting the cost structure; (3) reviewing and optimizing the Company's asset base, including the portfolio of retail banners; and (4) refining our organization structure. Our second-quarter financial results reflect the relentless effort of our teams and our progress in driving the Company's transformation efforts to delight our customers, enhance our competitive position, improve our financial performance, and drive shareholder value," said Mary A. Winston, Interim CEO.

Highlights

• $16.5 million worth of shares repurchased
• Ended quarter with $1 billion in cash
• Comp sales declined 6.7%

Bed Bath & Beyond shares traded marginally higher in the after-hours session. The stock closed lower by 2.9% at $10.02 per share.