Bed Bath & Beyond Inc. (NASDAQ: BBBY) reported its fiscal fourth-quarter financial results after the markets closed on Wednesday, the retailer said that it had $0.38 in earnings per share (EPS) and $3.1 billion in revenue. Consensus estimates had called for a net loss of $0.05 per share and $3.0 billion in revenue. The same period of last year reportedly had $1.20 in EPS and $3.31 billion in revenue.
During the most recent quarter, net sales decreased by 6.1% year over year and comparable sales decreased 5.6%. Overall, comparable sales from stores were 10% lower, though comparable sales from digital channels increased by 16%.
Bed Bath & Beyond ended the fiscal full year with approximately $1.4 billion in cash and investments, an increase of approximately 39%, compared with $1.0 billion in cash and investments at the end of fiscal 2018.
The company noted that it will not provide guidance for the time being, as the duration and extent of the pandemic is highly uncertain. Ultimately, Bed Bath & Beyond results are expected to be negatively affected by the COVID-19 pandemic.
Mark Tritton, Bed Bath & Beyond’s president and CEO, commented:
We are executing a clear plan to manage our business efficiently and effectively through the coronavirus pandemic, prioritizing the health and safety of our customers and teams. Our financial position and contingency plans will allow us to retain the financial flexibility to make targeted investments that will deepen our connection with our customers and rebuild our authority in the Home space. In this time when Home is even more central to our lives and being safe at home with family is essential, Bed Bath & Beyond takes on an even more important role supporting customers and their families by making it easy to feel at home.
Bed Bath & Beyond stock traded up 15% early Thursday to $5.11, in a 52-week range of $3.43 to $17.79. The consensus price target is $8.00.