Bed Bath & Beyond Gains Despite Wider Loss, Missing Estimates
Shares of Bed Bath & Beyond Inc. (BBBY) are up more than 8% in the morning trade on Thursday despite decline in third-quarter results impacted by supply chain stress.
The company reported net loss of $276 million or $2.78 per share, wider than net loss of $75 million or $0.61 per share in the same quarter a year ago on lower sales. Analysts polled by Thomson Reuters expected breakeven for the quarter.
Sales for the quarter declined 28% year-over-year to $1.878 billion hurt by supply chain issues. The consensus estimate was for $2 billion.
Looking forward, the company expects fourth quarter sales to be about $2.1 billion. The Street view stands at $2.27 billion.
BBBY, currently at $14.49, has traded in the range of $13.32- $53.90 in the past 52 weeks.
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