Bed Bath & Beyond Inc. posted a loss in the second quarter, as net sales declined by double digits in the period, the company reported in a filing.
- The reported net loss stood at $73 million, down by $291 million from the $218 million income a year ago. Diluted loss per share was $0.72, down by $2.47 from $1.75 per share the same quarter last year.
- Net sales declined 26% to $1.985 billion from $2.688 billion, as the company said traffic was hit by the resurgence of the COVID-19 pandemic due to the spread of the highly transmissible Delta variant.
- Third-quarter net sales are expected between $1.96 billion to $2.0 billion and diluted earnings per share between $0.00 to $0.05. Full-year net sales are predicted at $8.1 billion to $8.3 billion, which earnings per share between $0.70 and $1.10 per share.
President and Chief Executive Mark Tritton said that while results were below expectations, he remains confident with the multi-year transformation. BBBY is down 24.23%.