Bed Bath & Beyond Inc.
shares fell in the extended session Wednesday after the housewares retailer reported a wider-than-expected loss for the quarter and said it planned on trimming its store locations by about 20%. Bed Bath & Beyond shares fell 6% after hours, following a 1.6% rise in the regular session to close at $10.41. The company said it plans to close about 200 Bed Bath & Beyond stores over the next two years to help save about $250 million to $350 million a year. Bed Bath & Beyond said it has 955 stores in North America. The company reported a fiscal first-quarter loss of $302.3 million, or $2.44 a share, compared with a loss of $371.1 million, or $2.91 a share, in the year-ago period. The adjusted loss was $1.96 a share. Revenue declined to $1.31 billion from $2.57 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of $1.27 a share on revenue of $1.39 billion. Bed Bath & Beyond said it was not providing an outlook for the year because of COVID-19 disruptions while analysts expect a loss of $2.06 a share on revenue of $9.02 billion.