Bed Bath & Beyond Reports Q1 Earnings Miss After Pandemic Store Closures

Bed Bath & Beyond Reports Q1 Earnings Miss After Pandemic Store Closures

Photo by Anthony92931 via Wikimedia.

Bed Bath & Beyond BBBY shares were trading lower Wednesday after the company reported worse-than-expected first-quarter EPS and sales results.

The company reported a quarterly loss of $1.96 per share, which missed the analyst consensus estimate of negative $1.22 by 60.66%.

The company reported quarterly sales of $1.31 billion, which missed the analyst consensus estimate of $1.39 billion by 5.97%. This is a 49.2% decrease over sales of $2.57 billion the same period last year.

Bed Bath & Beyond said net sales from digital channels grew 82% and represented nearly two-thirds of total net sales.

"The impact of the COVID-19 situation was felt across our business during our fiscal first quarter, including loss of sales due to temporary store closures and margin pressure from the substantial channel shift to digital,” CEO Mark Tritton said in a statement. 

“From the beginning of this crisis, we have taken measured, purposeful steps to help keep our people safe and our customers serviced, and we are proud of the way our teams have navigated this unprecedented challenge with speed and agility,” adds Tritton.

Bed Bath & Beyond stock was trading down 10.47% at $9.32 in Wednesday's after-hours session. The stock has a 52-week high of $17.79 and a 52-week low of $3.43.

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