Bed Bath & Beyond Down 9% After 1Q Results
July 11 2019 - 11:22AM
Dow Jones News
By Michael Dabaie
Bed Bath & Beyond Inc. (BBBY) shares were down 9% to $10.48
in heavier-than-average volume Thursday morning.
The retailer on Thursday said first-quarter sales were about
$2.6 billion, a decrease of 6.6% on year, and in line with the
FactSet consensus estimate. Comparable sales declined about 6.6%,
versus the FactSet consensus for a 5.5% decline.
Adjusted EPS was 12 cents, down from 38 cents in the year-ago
period, but beating the FactSet consensus of 8 cents.
Goldman Sachs initiated Bed Bath & Beyond at Sell with a
price target of $11.
"The Sell rating on BBBY is based more on secular concerns as
the company continues to face intense competition from many
different retailers that have better value messaging as well as
more optionality for delivery" Goldman analysts said.
Citigroup cut its price target on Bed Bath & Beyond to $13 a
share from $18 and maintained it at Neutral.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
July 11, 2019 11:07 ET (15:07 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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