Bed Bath & Beyond Squeaks By in Q2

October 2, 2019 by 247chrislange

Bed Bath & Beyond Inc. (NASDAQ: BBBY) reported fiscal second-quarter financial results after markets closed Wednesday. The retailer said that it had $0.34 in earnings per share (EPS) and $2.7 billion in revenue, compared with consensus estimates that called for $0.27 in EPS and $2.75 billion in revenue. The same period from last year had $0.36 in EPS and $2.94 billion in revenue.

Net sales decreased roughly 7.3% year over year for the quarter, while comparable sales declined 6.7%.

Looking ahead to the full fiscal year, the company excepts to see EPS in the range of $2.08 to $2.13 with net sales of $11.4 billion. Consensus estimates are calling for $1.86 in EPS and $11.36 billion in revenue for the 2019 fiscal full year.

The firm noted that it has made substantial progress toward identifying a permanent CEO. It remains on track with its expectation that it will make an announcement soon.

Mary A. Winston, Interim CEO, commented:

We are making good progress against our four key near-term priorities, including: (1) stabilizing sales and driving top-line growth; (2) resetting the cost structure; (3) reviewing and optimizing the Company’s asset base, including the portfolio of retail banners; and (4) refining our organization structure.  Our second quarter financial results reflect the relentless effort of our teams and our progress in driving the Company’s transformation efforts to delight our customers, enhance our competitive position, improve our financial performance, and drive shareholder value.

Shares of Bed Bath & Beyond closed Wednesday at $10.02, with a 52-week range of $7.31 to $19.57. The consensus analyst price target is $14.08. Following the announcement, the stock was up about 1% at $10.15 in the after-hours trading session.