Quotes of the Bed Bath & Beyond jumped from 33.47% to $ 19.99 according to the trading data. Papers are growing due to the strong report for the second quarter of 2020.
The Bed Bath & Beyond chain announced the first increase in the in-store sales in almost four years. The jump in the revenue was provided by the online commerce segment – it has grown by more than 80% amid the COVID pandemic. People equipped their homes while in the quarantine. The company sells products primarily for the bedrooms and the bathrooms as well as the kitchens and the dining rooms.
Bed Bath & Beyond said that during the reporting period attracted 2 million new customers. Rising sales, the lower advertising costs and the large amount of the online orders also helped for the profit.
“When the house becomes everything, we are really ready to be at the epicenter of the events,” – said CEO of the CNBC, Mark Tritton. He added that the company sees a positive trend against the background of the competitors’ problems – for example, another retailer Pier 1 Imports filed for the bankruptcy in 2020 and closed its stores. “Customers are looking for the alternative places where they previously shopped. There are several key categories in which we see the perspective,” Tritton said.
Key indicators of the report:
Revenue: $ 2.69 billion against the expectations of the surveyed Refinitiv analysts at $ 2.60 billion.
Operating income: $ 270.5 million against the expected loss of $ 26.8 million.
Net income: $ 217.9 million, or $ 1.75 per share against the loss of $ 138.8 million, or $ 1.12 per share a year earlier.
Online sales: growth of approximately 89%.
Comparable sales (store sales for the same period without taking into account the effect of the network expansion): growth of 6% – for the first time since the fourth quarter of 2016. Analysts expected a decrease of 2.1%.
Bed Bath & Beyond has refrained from the forecasts for annual results. Earlier the retailer announced the deployment of a nationwide service delivery through the partnerships with Shipt and Instacart. In July, the company announced the reopening almost all closed due to the quarantine stores.
This year, Bed Bath & Beyond is restructuring: the company increased its management staff, but reduced the number of jobs and announced plans for closure of the several unprofitable outlets. Management expects that the restructuring will save up to $ 350 million a year.
As of August 29, the company had 1,476 stores – over the next two years in plans to close about 200 of it. It is expected to close 63 stores in the third quarter.
Bed Bath & Beyond will hold an online investor meeting on October 28, where the company will tell more about its plans and the financial prospects.
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