Bed Bath & Beyond (NASDAQ:BBBY) stock is taking a beating on Thursday after posting earnings for its fiscal second quarter of 2022.
The bad news for BBY stock starts with its adjusted earnings per share loss of $3.22. That’s a massive miss compared to Wall Street’s estimate of a loss of $1.85. It’s also a negative switch from the 4 cents per share reported in the same period of the year prior.
Not helping matters is the company’s revenue of $1.44 billion. Yet again, that comes in below analysts’ estimate of $1.47 billion for the quarter. It’s also a 28% decrease from the $1.99 billion reported during the same time last year.
Sue Gove, director and interim CEO of Bed Bath & Beyond, said the following in the earnings report.
“Our results for the second quarter came in as previously expected and announced. While our sales and profit results do not yet reflect the strategic and financial actions we have initiated to change our performance, they do demonstrate sequential progress in several key areas.”
BBBY’s Outlook Is Lacking
As for its outlook, Bed Bath & Beyond is maintaining its current guidance. That includes a 20% comparable sales decline in the second half of 2022 compared to the first half. Adjusted SG&A expenses will be approximately $250 million lower than in 2021 and Capital Expenditures will be about $250 million.
BBBY stock is down 1.1% as of Thursday 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.