Bed Bath & Beyond raises 2021 forecast despite mixed Q1 earnings

Yahoo Finance’s Sibile Marcellus breaks down Bed Bath & Beyond’s mixed Q1 earnings and upbeat guidance outlook.

Video Transcript

KRISTIN MYERS: Welcome back. Well, Bed, Bath & Beyond has reported its quarterly earnings. And while revenue did top expectations earnings per share, it did miss estimates. We have Yahoo Finance's Sibile Marcellus here with all of the details, especially considering that future outlook. Hi, Sibile.

SIBILE MARCELLUS: Hi, Kristin. So basically, that's what we're seeing here. Bed, Bath & Beyond reporting their earnings. This is a stock that has attracted so much attention. It's one of the meme stocks, as we saw that whole GameStop frenzy happen and continue to go on. So Bed, Bath & Beyond is one of those meme stocks that retail investors are paying very close attention to. And they reported their earnings.

So this is what they reported for the quarter. Earnings per share, $0.05 adjusted versus $0.09 expected. And revenue, $1.95 billion versus $1.87 billion expected. Now when it comes to sales, there they beat. Profits, they missed. Now sales for the quarter up nearly 50%. And what Bed, Bath & Beyond has been doing is basically remodeling many stores and also launching new brands to try to bring in more consumers. Also trying to capitalize on all that attention from all those retail investors.

Now when it comes to net loss, they were able to reduce that to $51 million. It was $302 million a year ago. And net sales rose 49% from a year ago. Digital sales made up 48% of their overall sales. And I'm just looking at attention with the stock right now. Just as I was waiting to come on, I saw the stock go up from 8%. It's up now 10%. So clearly investors reacting positively to the earnings report.

KRISTIN MYERS: All right, thanks so much, Sibile, for breaking all of that down for us.