Bed Bath & Beyond reports wider-than-expected loss as possible bankruptcy looms

Bed Bath & Beyond connected Tuesday posted wider quarterly losses than expected arsenic its main enforcement acknowledged that the struggling retailer's turnaround program had not achieved its goals.

Days aft the institution warned of imaginable bankruptcy, CEO Sue Gove said the institution was moving to code its cascading fiscal problems successful a "timely manner."

Here's however the retailer did successful the three-month play that ended Nov. 26 compared with what analysts were anticipating, based connected Refinitiv data:

• Loss per share: $3.65 adjusted vs. $2.23 expected
• Revenue: $1.26 cardinal vs. $1.34 cardinal expected

The company's nett nonaccomplishment grew to $393 million, oregon $4.33 per share, from a nonaccomplishment of $276 million, oregon $2.78 per stock a twelvemonth ago.

Comparable income dropped by 32%. Namesake banner Bed Bath & Beyond's comparable income dropped by 34% and Buybuy Baby's comparable income declines were successful the low-20% range.

The location goods retailer, which is warring to enactment successful business, issued a "going concern" informing past week. In the filing, it said it is astatine hazard of moving retired of wealth to screen expenses and whitethorn person to record for bankruptcy. It said that it is struggling to pull customers to stores and crook astir declining sales.

Plus, the institution said, it has gotten harder to support shelves stocked arsenic suppliers set outgo presumption oregon halt sending goods due to the fact that of Bed Bath's fiscal troubles. The company's marketplace worth has fallen to a meager $142.8 million.

"Although we moved rapidly and efficaciously to alteration the assortment and different merchandising and selling strategies, inventory was constrained and we did not execute our goals," Gove said successful Tuesday's release.

Last week, the institution previewed its nett income and nett nonaccomplishment successful the fiscal third-quarter earnings. It said nett income successful the fiscal 3rd quarter, which ended Nov. 26, were expected to beryllium astir $1.26 cardinal — a diminution from $1.88 billion in the year-ago period, the institution said.

It anticipated a nett nonaccomplishment of astir $385.8 million for the 3rd quarter, a astir 40% leap twelvemonth implicit year. The quarterly losses see an astir $100 cardinal impairment charge, which was not specified astatine the time. On Tuesday, the institution said the complaint was related to "certain store-level assets." Gove said the institution was connected way successful its antecedently announced program to shutter 150 stores.

The retailer includes 3 banners: its namesake, its babe supplies chain, Buybuy Baby; and its wellness and quality banner, Harmon.

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