Bed Bath & Beyond Shares Plunge On Q4 Earnings Miss

Bed Bath & Beyond Inc BBBY reported a fourth-quarter FY21 sales decline of 22% year-on-year to $2.05 billion, missing the consensus of $2.08 billion.
Adjusted core sales fell 14%, and the adjusted comparable sales declined 12%.
Adjusted gross margin contracted 400 basis points to 28.8%. Adjusted EBITDA loss was $(30) million, with the adjusted EBITDA margin shrinking 780 basis points to (1.4)%.
Adjusted EPS loss was $(0.92), missing the consensus of $0.04.
Net cash used in operating activities during the quarter was $282.6 million. It ended the quarter with cash and equivalents of $439.5 million.
"Macroeconomic factors, such as the disruption of the global supply chain, the Omicron variant, as well as the geopolitical turbulence weighing on consumer confidence, have uncovered more vulnerabilities than we could have foreseen at this stage of our transformation, as we completely rebuild the foundation of our business," said CEO Mark Tritton.
Guidance: Bed Bath & Beyond foresees sequential comparable sales improvement in the second half of FY22 versus the first half based on anticipated improvement in supply chain conditions.
Price action: BBBY shares are trading lower by 9.02% at $16.35 in premarket on the last check Wednesday.
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