Article Hero

Negative Bed Bath & Beyond Q2 financial report

1594304308.jpg
Miguel A. Rodriguez
Miguel A. Rodriguez
14 settembre 2020
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

disclaimers_articles

article_share_title

article_rating_title

awful
ok
great
awesome

read_more

Miguel A. Rodriguez
Miguel A. Rodriguez
financial_writer

Miguel ha lavorato per importanti istituzioni finanziarie, come Banco Santander e Banco Central-Hispano. È autore di libri sul trading di valuta con diverse pubblicazioni alle spalle.