Bed Bath & Beyond Swings to a Loss in 1Q, Lowers Fiscal Year Outlook Ranges
July 10 2019 - 5:07PM
Dow Jones News
By Aisha Al-Muslim
Bed Bath & Beyond Inc. (BBBY) swung to a loss in the latest
quarter as the home goods retailer was negatively affected by
impairment, severance and shareholder activity costs.
The Union, N.J.-based company Wednesday posted a net loss for
the first quarter of $371.1 million, or $2.91 a share, compared
with a profit of $43.6 million, or 32 cents a share, a year
earlier.
The net loss in the quarter included an unfavorable impact of
$3.03 a share due to impairment of goodwill and other intangible
assets, as well as severance and shareholder activity costs
incurred during the period.
Excluding those one-time costs, adjusted earnings per share were
12 cents, above the 8 cents a share analysts polled by Refinitiv
were looking for.
Net sales dropped 6.6% to $2.57 billion, within range of the
consensus forecast of $2.58 billion. The company operates under
banners such as Bed Bath & Beyond, Harmon Face Values and
buybuy BABY.
Comparable sales fell 6.6%, higher than the FactSet estimate of
a drop of 5.5%.
For fiscal 2019, excluding the goodwill and other impairments,
severance and shareholder activity costs, the company is now
modeling its adjusted earnings per share and net sales will be at
the lower end of its previously provided ranges.
Adjusted earnings per share was previously forecast to be
between $2.11 and $2.20, while net sales was expected to reach
$11.4 billion to $11.7 billion for the fiscal year.
Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com
(END) Dow Jones Newswires
July 10, 2019 16:52 ET (20:52 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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