Bed Bath & Beyond shares rise as earnings top estimates, plans to maintain some key investments

Bed Bath & Beyond said that its results in 2020 "will be unfavorably impacted" by the coronavirus crisis, and so it will not be offering a first-quarter nor full-year outlook.Bed Bath & Beyond

The company said despite widespread store closures, it still has the financial flexiblity to make key investments in e-commerce and strengthen its ability to offer shoppers the option to buy products online and pick-up them at its stores. Bed Bath & Beyond shares jumped roughly 13% in after-hours trading. The stock had closed the day down more than 17%. The company has a market cap of about $563.7 million.Earnings per share: 38 cents, adjustedWall Street had anticipated earnings per share of 20 cents, adjusted, on revenue of $3.07 billion, based on Refinitiv consensus estimates.

The retailer said Wednesday that it plans to cut back discretionary expenses like business travel and advertising, and costs related to the maintenance of stores that are sitting dark.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

The strategist who warned investors there was nowhere to run now sees opportunities as earnings season beginsThe strategist who warned investors in February there was nowhere to run sees opportunities this earnings season (via TradingNation) Strategist lmao. One minute they are bullish and next bearish. Why waste money just employ 3 Yr olds that will give you the same info. 'Pandemic - The Achilles Heel of American Society'...and made far, far, more vulnerable by a dictatorial administration, and a complicit GOP. While Americans lock themselves down, the American piggy bank is being robbed by grifters, liars, and despicable human beings. Earnings? Who cares about Q1 earnings? Who besides Walmart/costco/target have earnings guidance of any relevance?
Source: CNBC - 🏆 12. / 72 Read more »