Tag: Bath

Bed Bath & Beyond Posts Surprise Profit on Booming Online Business | Investing News

(Reuters) – Bed Bath & Beyond Inc

on Thursday posted a surprise quarterly profit and its first comparable sales growth in nearly four years, boosted by strong online demand for home furnishing and decor, sending its shares up 17%.

Same-store sales jumped 6% for the second quarter ended Aug. 29, compared with a 1.78% drop estimated by analysts, according to IBES data from Refinitiv, largely helped by an 89% surge in online sales.

The retailer had been struggling to keep pace in a rapidly shifting retail landscape before the pandemic, prompting Chief Executive Officer Mark Tritton to focus more on the company’s online portfolio after taking charge last year.

“The marked improvement in our second quarter financial results reflects the potential of our digital-first, omni-always transformation,” Tritton said in a statement.

The company has benefited from consumers buying new furnishing and home decor online as many are expected to continue

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Bed Bath & Beyond posts surprise profit on booming online business



a car parked on the side of a building: Signs mark a Bed Bath & Beyond store in Somerville


© Reuters/Brian Snyder
Signs mark a Bed Bath & Beyond store in Somerville


(Reuters) – Bed Bath & Beyond Inc on Thursday posted a surprise quarterly profit and its first comparable sales growth in nearly four years, boosted by strong online demand for home furnishing and decor, sending its shares up 17%.

Same-store sales jumped 6% for the second quarter ended Aug. 29, compared with a 1.78% drop estimated by analysts, according to IBES data from Refinitiv, largely helped by an 89% surge in online sales.

The retailer had been struggling to keep pace in a rapidly shifting retail landscape before the pandemic, prompting Chief Executive Officer Mark Tritton to focus more on the company’s online portfolio after taking charge last year.

“The marked improvement in our second quarter financial results reflects the potential of our digital-first, omni-always transformation,” Tritton said in a statement.

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Bed Bath & Beyond Goes Positive As Online Soars 89%

An expanded E-commerce business — up 89% — was once again the hero this quarter for Bed Bath & Beyond, driving the home specialty chain’s first comp store sales increase since the end of its 2016 fiscal year.

At the same time the retailer posted improvements in several key measurements: gross margin, cash flow, adjusted EBITDA and, most importantly, the bottom line, with net earnings per diluted share of $1.75 versus a loss a year ago as well as losses over the past several quarters more recently. Adjusted net earnings per diluted share were $0.50, up 47% versus a year ago.

“This quarter in total has proven the confidence we have in our plan,” said CEO Mark Tritton in an interview with Forbes.com. “We remain committed to this process.” He added that

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