Bed Bath & Beyond (BBBY) reports Q3 2021 earnings miss

Bed Bath & Beyond (BBBY) reports Q3 2021 earnings miss

An individual enters a Mattress Bathtub & Past retailer on October 01, 2021 within the Tribeca neighborhood in New York Metropolis.

Michael M. Santiago | Getty Pictures

Mattress Bathtub & Past shares tumbled almost 10% in premarket buying and selling Thursday after the house items retailer missed analysts’ expectations for the fiscal third quarter.

Chief Government Mark Tritton mentioned a scarcity of stock because of provide chain bottlenecks value Mattress Bathtub & Past about $100 million. Points escalated throughout December, he mentioned.

This is how the retailer did within the three-month interval ended Nov. 27 in contrast with what analysts had been anticipating, utilizing Refinitiv knowledge:

  • Loss per share: 25 cents vs. breakeven outcomes anticipated
  • Income: $1.88 billion vs. $1.95 billion anticipated

The corporate’s internet loss grew to $276 million, or $2.78 per share, from a lack of $75 million, or 61 cents a share, a 12 months earlier. Excluding one-time gadgets, it misplaced 25 cents a share. Analysts surveyed by Refinitv had anticipated it to breakeven.

Gross sales fell 28% to $1.88 billion from $2.62 billion a 12 months earlier. That missed estimates for $1.95 billion.

Systemwide same-store gross sales, a metric that tracks income at shops open for at the very least 12 months, dropped 7%. Analysts surveyed by StreetAccount had been forecasting a 0.9% drop.

Mattress Bathtub & Past shares closed Wednesday down 10.8%. The inventory has fallen about 32% from a 12 months in the past.

Discover the complete earnings press launch from Mattress Bathtub & Past here.

This story is growing. Please test again for updates.

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