Bed Bath and Beyond (NASDAQ:BBBY) stock is on a wild ride Wednesday that saw its shares rising and falling before rising again.
So what has BBBY stock gaining today? It all comes down to the company’s earnings report for its fiscal first quarter of 2021.
- Let’s start off with a look at the company’s revenue for the quarter.
- It came in at $1.95 billion, which is a 49% increase year-over-year.
- That also has it beating out Wall Street’s revenue estimate of $1.87 billion for the period.
- Unfortunately, Bed Bath and Beyond’s adjusted earnings per share didn’t do as well.
- It came in at 5 cents per share, which is a positive change from the company’s loss in the fiscal first quarter of 2020.
- However, it still wasn’t able to reach analysts’ adjusted EPS estimates of 8 cents.
- Despite that, Bed Bath and Beyond is boosting its outlook for fiscal 2021.
- This has it expecting per-share earnings ranging from $1.40 to $1.55 with revenue coming in between $8.2 billion and $8.4 billion.
- For comparison, Wall Street is expecting an adjusted EPS of $1.47 on revenue of $8.15 billion for the current fiscal year.
Mark Tritton, president and CEO of Bed Bath and Beyond, said the following about the news sending BBBY stock higher today.
“For the first quarter, we delivered our fourth consecutive quarter of comparable sales growth with gross margin expansion exceeding our expectations. These results demonstrate continued momentum with our strategies as we progress towards the goals we outlined at year-end and at our Investor Day.”
BBBY stock is seeing heavy trading on today’s news. As of this writing, some 31 million shares have changed hands. For comparison, the stock’s daily average trading volume is about 7.3 million shares.
BBBY stock was up 11.3% as of Wednesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.