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.
Shares of Dell Technologies rose after the company released results for the second quarter of fiscal 2021, which ended July 31 this year. Since the beginning of the year, shares of Dell Technologies have risen by about 21.5% compared to the growth of the S&P 500 by 7.85%. Dell reported a decrease in earnings per […]Next
LDaily prepared the short overview of latest news in the sphere of business and finance for last week for the readers. If you missed something, it would a good opportunity to correct it. 1. Epic with e-declarations came to an end, but not for all On October 30, 2016, at 24:00 the stage of the Ukrainian […]Next
Amazon announced on Wednesday the expansion of its Amazon One payment system at Whole Foods stores in Seattle. Amazon One technology was introduced by the company last September and, according to Amazon, it “makes the payment process easy and fast.” Unlike previous Amazon Go technology in stores of the same name, consumers do not need […]Next
The Ukranian exchange simplified the access conditions on the market to the new consumers. Oleh Tkachenko, the Chief Executive Officer of Ukrainian exchange said: “NBU made a decision about the exchange derivatives banks deregulation. We provide them with the opportunity to trade the urgent contracts”. The exchange council of exchange platform decided not to levy […]Next
On September 14-18, the National Bank sold $ 71 million in currency on the interbank foreign exchange market. At the same time, the National Bank did not buy foreign currency in its international reserves during the reporting week. Therefore, the National Bank for the first time in the late July sold the currency on the […]Next
BioNTech from Mainz and US pharmaceutical giant Pfizer have announced the successful third phase of clinical trials of the vaccine from COVID. The company said in a statement that registration is expected in November. According to the release, the third phase of clinical trials of BNT162b2 showed its effectiveness by more than 90% among trial […]Next
In the US, customers in Starbucks stores will be told the code of the drink, with which they can get information about where the grain of their choice was delivered, in what conditions it was grown and fried. Farmers who cooperate with the network, also can track their products. “We’ve been able to keep track […]Next
German economy in the second quarter of this year decreased by 9.7% compared with the previous three months. This is evidenced by the final data of the Federal Statistical Agency of Germany (Destatis), according to Interfax-Ukraine. It is noted that this is the most significant rate of decline since the beginning of accounting rate in […]Next
Allseeds group companies challenged in court the decision of the Vizirskyi village council (Odessa region) on the allocation of land for the berths of the “Energo Products Co., Ltd.” company (Odessa) in the Yuzhny sea port. The Comintern District Court of Odessa region (included in Allseeds Group) decided to suspend the decision on the suit […]Next
The Bank of Japan has announced plans to begin experimenting with the digital currency early next fiscal year. At the first stage, it is planned to test the main functions of the digital currency, including the methods of its issuance and circulation. The second stage involves additional technical experiments. The Bank of Japan may then […]Next
Gas reserves in Ukraine decreased to 15.47 billion cubic meters, which is 50% of underground storage capacity. This is evidenced by the data of the GTS Operator of Ukraine. As of April 17, gas reserves were 4% lower than a year earlier. It will be recalled that Ukraine has started the heating season with record […]Next
The GTS of Ukraine operator has concluded an agreement on the diagnostics of the country’s main gas pipelines with the Swiss company ROSEN Europe B.V. “The agreement provides for the inspection of more than 4.5 thousand km of main gas pipelines with a diameter of 1,400 mm with a deadline of the end of 2024. […]Next
Ukraine is in the top 10 countries with the highest earnings on Bitcoin in 2020 – Ukrainian investors received about $ 400 million in profits on cryptocurrency. The Ministry of Finance with reference to the data of the analytical company Chainalysis reported this. The authors of the rating draw attention to the obvious dominance of […]Next
Concern Khlibprom invests 560 thousand UAH in an energy saving project. This information is stated in a message on the website of the company. In 2016 Khlibprom plans to upgrade the gas boiler on Lviv bakery № 1. The plant plans to install energy-saving equipment, which will reduce the consumption of gas in the boiler […]Next
Already in the first days of 2017 tariffs on gasoline and diesel fuel have risen slightly. Such data are provided by leading Ukrainian company Consulting Group A-95, which conducts professional study of the market of petroleum products. Prices for gasoline and diesel fuel rose within 1.6%, and liquefied petroleum gas, on the other hand, fell […]Next
Japanese mobile operator SoftBank Group Corporation buys the british corporation – ARM Holdings Plc for 24.3 billion pounds ($ 32 billion). According to SoftBank, shareholders ARM Holdings could receive 1700 pence per share, which is 43% more than the value of the securities at the close of trading in London on Friday. Price of ARM shares […]Next