Bed Bath and Beyond (NASDAQ:BBBY) earnings for the retail company’s fiscal second quarter of 2020 have BBBY stock taking off on Thursday. That’s thanks to its adjusted earnings per share of 50 cents. This stomps Wall Street’s adjusted losses per share estimate of 23 cents. The company’s revenue of $2.69 billion also beats out analysts’ estimates of $2.6 billion.
Now, let’s check out some additional highlights from the most recent Bed Bath and Beyond earnings report below.
- Adjusted per-share earnings are up 47% from 34 cents during the same time last year.
- Revenue for the quarter is sitting 1% lower than the $2.72 billion reported in fiscal Q2 2019.
- Operating income of $270.54 million is a positive change year-over-year from an operating loss of $182.26 million.
- The Bed Bath and Beyond earnings report also has net income coming in at $217.9 million.
- That’s a massive improvement compared to its net loss of $138.77 million from the same period of the year prior.
Mark Tritton, president and CEO of Bed Bath and Beyond, said this in the earnings report.
“Our growth strategy is unlocking improved financial performance, and the marked improvement in our second quarter financial results reflects the potential of our digital-first, omni-always transformation and our efforts to build a modern, durable platform for success. We’ve taken direct action to stabilize our business, including reducing our cost structure, enhancing our financial flexibility, and investing where it matters most to our customers.”
Bed Bath and Beyond isn’t providing guidance at this time due to the novel coronavirus. This has it following a trend of companies withholding outlooks during the pandemic.
BBBY stock was up 30% as of Thursday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.