Bed Bath & Beyond Inc BBBY is trading higher Thursday morning after the company announced its fiscal third-quarter 2021 financial results and issued guidance.
Bed Bath & Beyond reported a quarterly earnings loss of 25 cents per share, which was down from earnings of 8 cents per share year-over-year. The company reported quarterly revenue of $1.88 billion, which came in below the estimate of $2 billion.
Bed Bath & Beyond expects fiscal-year 2021 earnings to come in between a loss of 15 cents per share and flat. The company expects 2021 revenue of $7.9 billion.
"During a quarter where our sales momentum was not where we wanted it to be with sales of $1.9 billion and a 7% comp decline, improved momentum in November and strong gross margins demonstrated progress in our transformation," said Mark Tritton, president and CEO of Bed Bath & Beyond.
"In response to a sharp increase in inflation and pervasive freight and supply chain headwinds, we swiftly implemented market-driven pricing, promo optimization and product mix plans. Our decisive actions led to an adjusted gross margin rate significantly exceeding plan and above 2020 and 2019 - a key financial barometer of our three-year transformation strategy," Tritton added.
See Also: What 5 Analyst Ratings Have To Say About Bed Bath & Beyond
BBBY Price Action: Bed Bath & Beyond has traded as low as $13.32 and as high as $53.90 over a 52-week period.
The stock was up 9.69% at $14.66 Thursday morning.
Photo: Mike Mozart from Flickr.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
