Bed Bath & Beyond Reports Q3 Earnings Below Street View; Says Exploring Multiple Paths

  • Bed Bath & Beyond Inc (NASDAQ: BBBY) reported a third-quarter FY22 sales decline of 33% year-on-year to $1.26 billion, missing the consensus of $1.34 billion. Comparable sales decreased 32%.

  • Adjusted gross margin contracted 1,310 basis points to 22.8%. Adjusted EBITDA loss was $(224.9) million, with an adjusted EBITDA margin of (17.9)%.

  • Selling, general and administrative expenses fell 16.4% to $583.5 million.

  • Operating loss for the quarter expanded to $(450.9) million versus a loss of $(86.1) million last year.

  • Related: Bed Bath & Beyond Seeks Strategic Options, Including Bankruptcy

  • Adjusted EPS loss was $(3.65), missing the consensus of $(2.11).

  • Net cash used in operating activities during the quarter was $(307.6) million. It ended the quarter with cash and equivalents of $225.66 million.

  • “As we shared last week, we continue to work with advisors as we consider all strategic alternatives to accomplish our near- and long-term goals. We have a team, internally and externally, with proven experience helping companies successfully navigate complex situations and become Stronger. Multiple paths are being explored and we are determining our next steps thoroughly, and in a timely manner,” said CEO Sue Gove.

  • So read: Bed Bath & Beyond Stock Gained On M&A Speculation And Meme Stock Frenzy

  • Price action: BBBY shares are trading higher by 4.01% at $1.6850 in premarket on the last check Tuesday.

  • Photo Via Wikimedia Commons

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