Bed Bath and Beyond (NASDAQ:BBBY) earnings for the retail chain’s fiscal third quarter of 2019 have BBBY stock tanking after markets closed on Wednesday. This is after reporting adjusted losses per share of -38 cents on revenue of $2.76 billion. For comparison, Wall Street was expecting adjusted EPS of 2 cents on revenue of $2.85 billion.
Now for a more in-depth look at the most recent Bed Bath and Beyond earnings report.
- Adjusted per-share losses are flipped compared to EPS of 18 cents from the same time last year.
- Revenue for the quarter is 8.91% lower than the $3.03 billion in the fiscal third quarter of 2018.
- BBBY saw its operating income from the same time in 2018 turn to an operating loss in the current quarter.
- The Bed Bath and Beyond earnings report also includes a net loss of $38.55 million.
- That’s bad news for the company considering it reported a net income of $24.35 million during the same period of the year prior.
- The company is also withdrawing its fiscal 2019 guidance.
Mark Tritton, President and CEO of Bed Bath and Beyond, says this about the BBBY stock earnings.
“Our performance in the third quarter was unsatisfactory and underscores the imperative for change and strengthens our sense of priorities and purpose. We must respond to the challenges we face as a business, including pressured sales and profitability, and reconstruct a modern, durable model for long-term profitable growth.”
Bed Bath and Beyond will be going over these results in a conference call. Investors can call in or listen via a webcast on the company’s website. The call starts at 5:00 p.m. Eastern Time.
BBBY stock was up 1.02% in after-hours trading on Wednesday. The stock closed out the day 1.13% lower than its previous close.
As of this writing, William White did not hold a position in any of the aforementioned securities.