Store closure impacted the retail giant the hardest
The earnings season is not a joyous reason for every company, such as the case for Bed Bath & Beyond. The latest report released on Wednesday showed predominately negative data.
The company's sales decreased by 50% in the last quarter, although online sales grew by 100%, as people bought cleaning supplies and home décor. It reported $1.31 billion revenue, with an adjusted loss per share of $1.96. And it had a net loss of $302.29 million. Also, it ended the Q2 with approximately $1.2 billion in cash.
In order to get back to the level of profitability it had before the pandemic, Bed Bath & Beyond will permanently close around 200 of its stores in the next two years, starting later this year.
Bed Bath didn’t provide an outlook for the rest of the year, as the pandemic still makes its presence felt.
Yesterday, in after-hours trading, the stock price fell almost 7%, and 40% since the beginning of the year.
See how the companies did in the second quarter on CAPEX.com!
Sources: businessinsider.com, cnbc.com
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