Ebene News – US – Bed Bath & Beyond sales, expectations have been exceeded as the three-year business transformation begins

Bed Bath & Beyond Inc shares rose 57% in pre-market Wednesday trading after item retailer for the home reported fiscal first quarter sales that exceeded expectations and comparable sales increased from the same period before the pandemic

Net losses totaled $ 50.9 million, or 48 cents per share, following a loss of $ 302 million, or $ 2.44 per share, last year Adjusted EPS of 5 cents per share did not hit the FactSet consensus for 8 cents per share

Sales of $ 1.954 billion were up from $ 1.307 billion last year and ahead of the FactSet consensus of $ 1.873 billion

The company’s total comparable store sales growth was 3% compared to the first quarter of 2019 Digital sales growth was 84% ​​compared to this period

Bed Bath & Beyond has embarked on a business transformation in recent months that has included the launch of five private brands, including Wild Sage and Simply Essential and one underway before the end of the first half of the fiscal year, as well as the sale of five companies The main banners of the company are now Bed Bath & Beyond, buybuy Baby, Harmon Face Values ​​and Decorist

Coupled with the impact of the COVID-19 pandemic in 2020, this makes it difficult to compare year-over-year, but chief executive Mark Tritton told MarketWatch that investors should take note of ” pivot that we are ”? ?? I created, and it is sustainableâ ????

Tritton notes that they have “reduced organization, reduced inventory, refocused assortment” ???? and there was an “optimization of the store network fleet” ???? which includes store closures and store updates

For the second quarter, Bed Bath & Beyond targets sales of $ 2.04 billion to $ 2.08 billion, year-over-year comparable sales growth in the low single-digit range, and Adjusted EPS within the range from 48 cents to 55 cents

FactSet consensus calls for sales of $ 2.020 billion, same-store sales decline of 01%, and EPS of 51 cents

For the year, Bed Bath & Beyond is targeting sales of $ 8.2 billion to $ 8.4 billion, up from previous forecast of $ 8.0 billion to $ 8.2 billion and adjusted EPS of around $ 1.40 at $ 1 55

Comparable sales for the second and fourth quarters are expected to increase in the low single-digit range from previous guidance for flat builds

Tritton says the company finds “? ? a higher rate of relocation across the country ”? ??? whether to rent or own a house This, together with the anticipation of a more normal start to school, has made Bed Bath & Beyond confident that growth will continue even as the country continues on the path to a return to health. normal

One of the other developments in recent weeks is Bed Bath & Beyond has become a stock of memes

â ???? But the good thing is that people stop and pay attention This is not a meme stock It’s a business in transformationâ ????

Bed Bath & Beyond shares have climbed 684% for the year to date while the S&P 500 index
gained 143% for the period

Transocean, an offshore drilling contractor and fracking pioneer Continental Resources saw their shares skyrocket in 2021 Both have insiders picking up more stock

Tonya Garcia is a MarketWatch reporter covering retail and consumer focused businesses You can follow her on Twitter @tgarcianyc She is based in New York Tonya joined MarketWatch from Moguldom Media where she was a business writer for MadameNoire , a website targeting African American women with a range of content ranging from personal finance to economics, politics, education and lifestyle and entertainment She also worked at Mediabistro and previously handled media relations for the mainstream practice of MSLGroup.

Bed Bath & Beyond, NASDAQ: BBBY, Earnings, Nasdaq

Ebene News – US – Bed Bath & Beyond Sales Exceed Expectations As Business Transformation over three years begins

Source: https://www.marketwatch.com/story/bed-bath-beyond-sales-beat-expectations-as-the-companys-three-year-transformation-gets-underway-11625054037