Bulletin
Investor Alert

Market Pulse Archives

July 8, 2020, 5:09 p.m. EDT

Bed Bath & Beyond plans to close 20% of stores, stock falls on wider-than-expected loss

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Bed Bath & Beyond Inc. (BBBY)

or Cancel Already have a watchlist? Log In

By Wallace Witkowski

BBBY

Bed Bath & Beyond Inc. /zigman2/quotes/209801102/composite BBBY +0.08% shares fell in the extended session Wednesday after the housewares retailer reported a wider-than-expected loss for the quarter and said it planned on trimming its store locations by about 20%. Bed Bath & Beyond shares fell 6% after hours, following a 1.6% rise in the regular session to close at $10.41. The company said it plans to close about 200 Bed Bath & Beyond stores over the next two years to help save about $250 million to $350 million a year. Bed Bath & Beyond said it has 955 stores in North America. The company reported a fiscal first-quarter loss of $302.3 million, or $2.44 a share, compared with a loss of $371.1 million, or $2.91 a share, in the year-ago period. The adjusted loss was $1.96 a share. Revenue declined to $1.31 billion from $2.57 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of $1.27 a share on revenue of $1.39 billion. Bed Bath & Beyond said it was not providing an outlook for the year because of COVID-19 disruptions while analysts expect a loss of $2.06 a share on revenue of $9.02 billion.

/zigman2/quotes/209801102/composite
US : U.S.: Nasdaq
$ 12.35
+0.01 +0.08%
Volume: 3.63M
Aug. 14, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$1.56 billion
Rev. per Employee
$191,341
loading...

Get news alerts on Bed Bath & Beyond Inc. — or create your own.
This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.