The retailer posted a third quarter net loss $276 million, or $2.78 per share, down from a loss of $75 million, or 61 cents, a year ago. Adjusted for one-time items, the loss was 25 cents a share. Net sales slid for the second consecutive quarter to $1.88 billion, down 28% compared to $2.62 billion a year ago, while overall comparable sales declined 7% year-over-year.
Meanwhile, the buybuy BABY banner delivered its fourth consecutive quarter of comparable sales growth, increasing in the midteens compared to a year ago and driven by double-digit store growth and high-single digit digital growth. Though Bed Bath & Beyond CEO Mark Tritton admitted the company's quarterly sales momentum was "not where we wanted it to be," he emphasized that the company is on track to achieve approximately $1.
The company noted its Beyond+ loyalty program grew by nearly half a million members in the third quarter and that its adjusted gross margin rate has significantly exceeded its plans and is above 2020 and 2019 due to market driven pricing, promo optimization and product mix actions to fight a sharp increase in inflation and pervasive freight and supply chain headwinds.
So far, Bed Bath & Beyond has closed 170 locations as part of its three-year transformation and it expects to close 200 stores by the end of the year.
BTW. You can use those 25% coupons you get in the mail for years to come if you shop in person. They never expire. Online shopping is different. You must use unexpired recent coupons.
So you are saying fundamentals don't reflect stock prices the way they should and that most if not all stocks are being manipulated.. Also FireGasparino
Revealed: Sean Hannity’s Other Desperate Texts About Jan. 6 “ I’m very worried about the next 48 hours,” the Fox News host texted Mark Meadows hours before a MAGA mob’s violent attack on the Capitol.”
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