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Bed Bath & Beyond Sells Its Home Decor Subsidiary One Kings Lane

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Bed Bath & Beyond Sells Its Home Decor Subsidiary One Kings Lane

Bed Bath & Beyond Inc. (NASDAQ: BBBY) has sold subsidiary One Kings Lane, the company's chief executive officer Mark Tritton said in a conference call late Wednesday, as reported by the Wall Street Journal.

What Happened

Tritton didn't disclose the amount for which the home decor company has been sold or the name of the buyer, according to the Journal.

Bed Bath & Beyond had purchased One Kings Lane back in 2014 for a price it said at the time was "nonmaterial."

The CEO said that the sale of another subsidiary, PersonalizationMall.com, to 1-800-Flowers.com Inc. (NASDAQ: FLWS) is yet to close. Tritton added that the company is doing everything to force 1-800-Flowers.com to close the deal as soon as possible.

The disclosures came following the company's fourth-quarter earnings report. Bed Bath & Beyond beat analysts' estimates with earnings per share of 38 cents, ahead of analyst average estimate of 21 cents.

The home goods company didn't give an outlook for the financial year 2020, as it said the novel coronavirus (COVID-19) pandemic had created uncertainty.

A majority of Bed Bath & Beyond stores are closed due to the lockdowns imposed by authorities to curb the spread of the coronavirus.

Price Action

Bed Bath & Beyond shares traded 11.3% higher at $4.94 in the after-hours session on Wednesday after closing the regular session 17.3% lower at $4.44.

 

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Posted-In: Coronavirus Covid-19 One Kings Lane The Wall Street JournalNews Retail Sales Media Best of Benzinga

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