Market Updates
Bed Bath & Beyond Quarterly Loss Widens, Comparable Sales Drop 32%
Scott Peters
10 Jan, 2023
New York City
Bed Bath & Beyond Inc soared 30% to $2.12 after the struggling retailer reported wider-than-expected loss.
Revenue in the fiscal third quarter ending on November 26 declined 33% to $1.26 billion and comparable store sales declined 34% from a year ago.
Net loss in the quarter jumped to $392.6 million from $276.4 million or diluted loss per share rose to $4.33 from $2.78 a year ago.
The company also confirmed its plan to close 150 stores and said it is on track to cut its sales and administration cost in the second-half of the fiscal year by $250 million.
Comparable sales across all channels declined 32% driven by 31% fall in comparable store sales and 33% decline in online sales.
Bed Bath & Beyond sales declined 34% and BABY store sales fell in the "low twenties."
Net Loss per diluted share of $4.33 for the quarter reflected 68 cents a share of special items for the quarter including $100.7 million of non-cash impairment charges primarily related to certain store-level assets.
The company also said its cash is dwindling from the previous quarter.
Cash, cash equivalents, restricted cash and investments totaled approximately $200 million and total Liquidity was approximately $500 million as of the fiscal 2022 third quarter.
This liquidity included the company's $1.13 billion asset-backed revolving credit facility and FILO facility less borrowings of $550.0 million and approximately $186.2 million in letters of credit.
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