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Bed Bath & Beyond swings to profit but sales fall short

Economy, Finance

Bed Bath & Beyond Inc. stock dropped 9% in Wednesday premarket trading after the home goods retailer reported fourth-quarter earnings that beat expectations, but fell short on sales. Net income totaled $9.1 million, or 8 cents per share, after a loss of $65.4 million, or 53 cents per share, last year. Adjusted EPS of 40 cents beat the FactSet consensus for 31 cents. Sales of $2.619 billion were down from $3.107 billion last year and just below the FactSet consensus for $2.627 billion. Enterprise digital comp growth was 86%, with the namesake chain up 99%. And enterprise comp sales growth was 4% with the Bed Bath & Beyond chain up 6%. Other Bed Bath & Beyond names include Buy Buy Baby and Harmon. For fiscal 2021, Bed Bath & Beyond maintained its guidance for net sales between $8.0 billion and $8.2 billion. The FactSet consensus is for $8.177 billion. For the first quarter, the company expects net sales on a reported basis to increase 40% year-over-year. The company experienced store closures in the comparable 2020 period and there have been divestitures. Taking that into account, net sales on a reported basis are expected to rise 65% to 70%. The FactSet consensus is for sales of $1.908 billion, suggesting a 45.9% increase. The company increased its three-year share repurchase plan to $1 billion from $825 million. Bed Bath & Beyond stock has rallied 57.3% for the year to date while the benchmark S&P 500 index is up 10.3% for the period.

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