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Wednesday, January 8, 2020

=Bed Bath & Beyond (BBBY) reported earnings on Wed 8 Jan 20 (a/h)

Bed Bath & Beyond misses by $0.41, misses on revs; comps -8.3%; withdraws full year guidance but maintains dividend; plans to reveal new strategic vision in early 2020

  • Reports Q3 (Nov) loss of $(0.38) per share, excluding non-recurring items, $0.41 worse than the S&P Capital IQ Consensus of $0.03; revenues fell 9.0% year/year to $2.76 bln vs the $2.86 bln S&P Capital IQ Consensus.
    • Same store comps declined -8.3%; Co says comps were impacted by the calendar shift of the Thanksgiving holiday this year resulting in one less week of holiday sales. Adjusting for this calendar shift to include Thanksgiving and Cyber Monday weeks in both periods, comps were -3.6%.
  • Co expects its sales and profitability to remain pressured during Q4 (Feb). Considering these headwinds and the ongoing work by recently appointed CEO Mark Tritton to assess the business and finalize the details of the strategic plan as well as the extensive senior leadership changes within the past month, co believes it is appropriate to withdraw its fiscal 2019 full year financial guidance.
  • Co maintains its quarterly dividend of $0.17 per share.
  • Co plans to reveal new strategic vision in early 2020.
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