Bed Bath and Beyond shares plunged 5% after reporting an unexpected Q4 loss of $159.1 million, according to a press release by Beth Bath & Beyond on Wednesday.
- On a per-share basis, the New Jersey-based company stated it had a loss of $1.79. Losses adjusted for restructuring costs and asset impairment costs were 92 cents per share.
- The company posted a fourth-quarter sales decline of 22% year-on-year to $2.05 billion, missing the consensus estimate of $2.08 billion.
- The home goods retailer reported revenue of $2.05 billion in the period, which also fell short of estimates. Adjusted core sales plunged 14%, and the adjusted comparable sales fell 12%.
Bed Bath & Beyond expects sequential comparable sales improvement in the second half of the financial year 2022 compared to the first half based on projected improvement in supply chain conditions. BBBY down -5.18%, SPY up +0.31%