Bed Bath & Beyond (BBBY) reports Q3 2021 earnings miss

Customer shopping in a Bed Bath & Beyond store

Courtesy: Bed Bath & Beyond

Bed Bath & Beyond shares tumbled nearly 10% in premarket trading Thursday after the home goods retailer missed analysts’ expectations for the fiscal third quarter.

Chief Executive Mark Tritton said a lack of inventory due to supply chain bottlenecks cost Bed Bath & Beyond about $100 million. Issues escalated during December, he said.

Here’s how the retailer did in the three-month period ended Nov. 27 compared with what analysts were anticipating, using Refinitiv data:

  • Loss per share: 25 cents vs. breakeven results expected
  • Revenue: $1.88 billion vs. $1.95 billion expected

The company’s net loss grew to $276 million, or $2.78 per share, compared with a loss of $75 million, or 61 cents a share, a year earlier. Excluding one-time items, it lost 25 cents a share, compared with expectations for it to breakeven.

Sales fell 28% to $1.88 billion from $2.62 billion a year earlier. That missed estimates for $1.95 billion.

Systemwide same-store sales, a metric that tracks revenue at stores open for at least 12 months, dropped 7%. Analysts surveyed by StreetAccount were forecasting a 0.9% drop.

Bed Bath & Beyond shares closed Wednesday down 10.8%. The stock has fallen about 32% from a year ago.

Find the full earnings press release from Bed Bath & Beyond here.

This story is developing. Please check back for updates.

Source link

Share with your friends!

Products You May Like

Leave a Reply

Your email address will not be published. Required fields are marked *

Get The Best Financial Tips
Straight to your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.