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Bed Bath & Beyond Stock is Down After Big EPS Miss, Analyst Sees No Positives
Published Apr 13, 2022 06:15AM ET
Updated Apr 13, 2022 10:47AM ET
Shares of Bed Bath & Beyond (NASDAQ:BBBY) are down over 4% today after the company reported a worse-than-expected Q4 adjusted loss per share.
The retail store company reported a Q4 adjusted loss per share of 92c, compared to the expected EPS of 13c. Net sales came in at $2.05 billion, short of the consensus estimates of $2.08 billion.
Comparable sales were down 12% in the quarter, while analysts were looking for a negative 8.25%. Adjusted gross margin stood at 28.8% in the period, also below the analyst expectations of 32.9%.
The company reported capital expenditure of $121.7 million, compared to the analyst consensus of $114.8 million. Cash from operating activities came in at $282.6 million, below the consensus projection of $294.4 million.
Moving forward, the retailer expects modest growth in FY 2022 adjusted gross margin versus last year, driven by expectations of better performance in the second half of the year. The company also expects better Sequential Comparable Sales in H2 FY 2022, driven by anticipated improvements in supply chain issues.
“We estimate an impact of approximately $175 million to our fourth quarter sales, or a high-single digit deficit, as a result of a lack of in-stock availability in our Bed Bath banner,” the company said.
BBBY also anticipates higher adjusted EBITDA in the second half of FY 2022 due to improved comparable sales and adj. gross margin forecasts.
“Nothing in the BBBY report is positive,” said Adam Crisafulli, Founder & President of Vital Knowledge.
Goldman Sachs analyst Kate McShane reiterated a Sell rating and a $14.00 per share price target after a “significant miss.”
On today's earnings call, the analyst is looking to hear more about “QTD trends; category and private label trends; view on inventory availability, the supply chain and transportation costs; any change in vendor or consumer behavior regarding inflation; and the company's promotional outlook.”
BBBY stock price is up over 15% YTD.
By Senad Karaahmetovic
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