Bed Bath & Beyond’s Q3 earnings fall below estimates as loss widens and same-store sales fell 32%

Bed Bath & Beyond Inc. [s: bbby] said Tuesday it had a net loss of $392.9 million, or $4.33 a share, for its fiscal third quarter to Nov. 26, wider than the loss of $276.4 million, or $2.78 a share, posted in the year-earlier period. The company’s adjusted loss per share came to $3.85, wider than the $2.61 FactSet consensus. Sales fell to $1.259 billion from $1.878 billion a year ago, also below the $1.314 billion FactSet consensus. Sales were hurt by a slump in same-store sales of 32%, contrary to the FactSet consensus for a decline of 25.9%. The troubled retailer, which said last week it may have to file for bankruptcy, said it is exploring all strategic alternatives and will keep investors updated in a timely manner. “We want our customers to know that we hear them and are charging ahead every day to meet their needs,” CEO Sue Gove said in a statement. “Our entire organization is laser-focused on maximizing the value of our company by reconnecting with our customers and positioning Bed Bath & Beyond, buybuy BABY, and Harmonize for long-term success.” The stock was flat premarket, but has fallen 88% in the last 12 months, while the S&P 500 has fallen 17%.

-Ciara Linnane


(END) Dow Jones Newswires

01-10-23 0746ET

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