Bed Bath & Beyond reported an adjusted EPS of 5 cents, missing the 8 cents consensus. However, its revenues surpassed the $1.87 billion forecasted, figures coming in at $1.95 billion, marking a 49% increase from a year earlier. The company said the net loss narrowed to $51 million, from $302 million reported in the year-ago period.
Digital sales accounted for 38% of total revenues, as customers opted to browse and buy online and pick up their orders at nearby Bed Bath & Beyond. In May, the company partnered with DoorDash to offer same-day delivery to shoppers’ homes.
The promising figures came because of the retailer’s initiative to launch new brands and remodelling stores, drawing customers in for various products, from blenders to bathmats.
The company expects to earn between 48 cents – 55 cents per share after adjustments for the second quarter. Bed Bath & Beyond raised its 2021 revenue outlook to a high of $8.4 billion from a prior of $8.2 billion.
Bed Bath & Beyond shares jumped after the results, closing yesterday’s trading session 11.30% higher.
Sources: cnbc.com, finance.yahoo.com