Categories AlphaGraphs, Consumer, Earnings

Earnings: Highlights of Bed Bath & Beyond (BBBY) Q1 report

Home furnishing retailer Bed Bath & Beyond (NASDAQ: BBBY) has reported a net loss for the first quarter of 2022 when the company’s revenues declined by 25%.

Net earnings, adjusted for one-off items, widened to $2.83 per share in the first quarter from earnings of $0.05 per share in the same period of last year. It also missed analysts’ forecasts. On an unadjusted basis, the first-quarter net loss widened to $358 million or $4.49 per share from a loss of $51 million or $0.48 per share a year earlier. Comparable store sales declined 23%, continuing the recent trend.

The bottom line was negatively impacted by a 25% decrease in net sales to $1.46 billion. Analysts had predicted higher earnings for the most recent quarter.

“In the quarter there was an acute shift in customer sentiment and, since then, pressures have materially escalated. This includes steep inflation and fluctuations in purchasing patterns, leading to significant dislocation in our sales and inventory that we will be working to actively resolve. The simple reality though is that our first quarter’s results are not up to our expectations, nor are they reflective of the Company’s true potential,” said Sue Gove who has been named the interim chief executive officer of the company.

Read management/analysts’ comments on quarterly reports

In a separate statement, the company announced the appointment of Sue Gove, an independent director and chair of the board’s strategy committee, as interim chief executive officer. Gove will be replacing Mark Tritton, who has stepped down as president and chief executive officer.

Most Popular

Disney (DIS): A look at the major winning points for its streaming business

Shares of the Walt Disney Company (NYSE: DIS) have been rallying since the entertainment leader delivered strong results for its third quarter of 2022 a day ago. The stock was

KSS Stock: After terminating sale talks, what awaits Kohl’s this year

Kohl’s Corporation (NYSE: KSS) has been on investors' radar ever since the retailer put itself up for sale earlier this year, after coming under pressure from activist investors. Putting an

Walt Disney Company (DIS) Q3 revenues, earnings beat Street view

Entertainment behemoth The Walt Disney Company (NYSE: DIS) on Wednesday reported higher revenues and earnings for the third quarter of 2022. The results also topped expectations. Third-quarter revenues of the Los

Add Comment
Viewing Highlight