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Bed Bath & Beyond Reports Big Q3 Earnings Miss, Withdraws Guidance

Tanzeel Akhtar

Bed Bath & Beyond (NASDAQ: BBBY) reported third-quarter losses of 38 cents per share, which missed the analyst consensus estimate by 40 cents. This is a 311.11% decrease over earnings of 18 cents per share from the same period last year.

The company reported quarterly sales of $2.759 billion, which missed the analyst consensus estimate of $2.85 billion by 3.19%. This is a 9% decrease over sales of $3.032 billion the same period last year. Third-quarter comparable sales were down 8.3% year over year.

Bed Bath & Beyond said the quarter was significantly impacted by the calendar shift of Thanksgiving, resulting in one less week of holiday sales. The company expects sales and profitability to remain pressured and withdrew its 2019 fiscal year guidance.

"Our performance in the third-quarter was unsatisfactory and underscores the imperative for change and strengthens our sense of priorities and purpose,” said Mark Tritton, Bed Bath & Beyond CEO. “We must respond to the challenges we face as a business, including pressured sales and profitability, and reconstruct a modern, durable model for long-term profitable growth."

View more earnings on BBBY

Bed Bath & Beyond's stock closed the regular session at $16.65 per share and fell more than 20% in after-hours trading. The stock has a 52-week high of $19.57 and a 52-week low of $7.31

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Bed Bath & Beyond Sells Half Its Real-Estate In An Effort To Turn Around Business

Photo by Raysonho/Wikimedia.

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