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The shares of Bed Bath & Beyond are soaring today after the company reported a massive increase in sales during the first quarter of the year. The company is now one of the best-performing stocks today.
Bed Bath & Beyond Records Huge Q1 Sales
Bed Bath & Beyond Inc., a US-based chain of domestic merchandise retail stores, reported its fiscal Q1 sales a few hours ago. The company recorded a nearly 50% surge in sales during the first quarter of the year, with initiatives such as launching new brands and remodeling stores, helping it to attract more customers.
Following its jump in sales, Bed Bath & Beyond Inc. reported earnings per share of 5 cents adjusted vs. 8 cents expected. Meanwhile, the revenue was $1.95 billion vs. $1.87 billion expected. The retail company also managed to reduce its net loss to $51 million, or 48 cents per share, from a loss of $302 million, or $2.44 per share in the same period last year.
Overall, net sales for Bed Bath & Beyond surged by 49% to $1.95 billion from $1.3 billion a year earlier, surpassing the $1.87 billion estimated by analysts. Digital sales accounted for 38% of the company’s total sales as more customers continue the trend of buying online and picking up the products at a nearby Bed Bath & Beyond store.
Chief Executive Mark Tritton said, “We’re in the early stages of our transformation. Our first-quarter results prove we continue to deliver profitable growth as we reestablish our authority in home.”
Bed Bath & Beyond Shares Up By 14%
Bed Bath & Beyond’s shares are rallying at the start of the trading session this morning. At the time of this report, Bed Bath & Beyond is trading above $32.5, which represents a 9% increase from its previous day’s trading price.
Prior to the start of today’s trading session, over 23 million shares had changed hands, which is above its 10-day average volume of 5.7 million.
This article was originally posted on FX Empire