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Bed Bath & Beyond Shares Rise Despite Supply Chain Issues -Breaking

by Mike Robinson

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© Reuters

Sam Boughedda

Investing.com — Shares of Bed Bath & Beyond Inc (NASDAQ:) jumped nearly 8% Thursday following its fiscal third-quarter earnings results.

On revenue of $1.88 trillion, the company reported a 25-cent loss per share. According to analysts polled Investing.comOn revenue of $1.96 trillion, EPS is expected to be 1 cent.

According to the company, supply chain issues were responsible for revenue and earnings losses. Mark Tritton is the CEO of the company. He stated that sales had been affected despite customers’ demand. This was due to a shortage inventory, supply chain stress and a $100 million impact (or mid-single digit) on the quarter. The December impact was even more severe.

Looking ahead, Tritton seemed positive, sharing with investors that the company’s customer acquisition strategy for Bed Bath was gaining momentum. This is evident by the Beyond+ loyalty program which saw nearly half a billion members grow after our biggest new subscriber quarters. The buybuy BABY banner has continued to grow by double-digits and the company is on track to reach approximately $1.3Billion in annual sales. This figure surpasses our investor-day goals. We also continue to improve profitability and market share.

BBBY forecasts that fiscal fourth-quarter net revenues will be approximately $2.1billion, which is lower than the consensus estimate of $2.27billion according to TipRanks. EPS ranges from zero to 15c.

BBBY shares hit a new high of $16.38 during Thursday’s session.

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