Bed Bath and Beyond (NASDAQ:BBBY) earnings for the retail company’s fiscal first quarter of 2020 have BBBY stock taking a beating after-hours Wednesday. This comes after reporting adjusted losses per share of $1.96 on revenue of $1.31 billion. These are both worse than Wall Street’s estimates of -$1.22 per share on revenue of $1.39 billion.
Here’s what else is worth mentioning from the most recent Bed Bath and Beyond earnings report.
- Adjusted per-share losses are down massively from adjusted EPS of 12 cents during the same time last year.
- Revenue for the quarter is sitting 49% lower than the $2.57 billion reported in fiscal Q1 2019.
- Operating loss of $460.93 million is 13.3% worse year-over-year than -$406.84 million.
- The Bed Bath and Beyond earnings report also includes a net loss of $302.29 million.
- That’s an 18.5% improvement over its net loss of $371.09 million from the same period of the year prior.
Mark Tritton, president and CEO of Bed Bath and Beyond, said this about the results.
“With nearly all stores now open, we are delighted to welcome back our customers and drive an enhanced omni-always shopping experience. We are encouraged by early customer response, including continued strong demand, in excess of 80%, across our digital channels during the month of June, bolstered by the expansion of our Buy-Online-Pick-Up-In-Store (BOPIS) and Curbside Pickup services.”
Bed Bath and Beyond isn’t providing guidance for fiscal 2020 at this time. It lists the novel coronavirus as the reason behind this decision. Many other companies are withholding outlooks during the pandemic.
BBBY stock was down 9.5% after markets closed on Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
Article printed from InvestorPlace Media, https://investorplace.com/2020/07/bed-bath-and-beyond-earnings-miss-drops-bbby-stock/.
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