Canaccord Genuity on Bed Bath & Beyond (BBBY): Rise and Shine
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Price: $4.35 -2.03%
Rating Summary:
4 Buy, 17 Hold, 14 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
4 Buy, 17 Hold, 14 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Canaccord Genuity on Bed Bath & Beyond (Nasdaq: BBBY): Rise and shine.
Canaccord analyst says, "Bed Bath & Beyond’s fourth-quarter earnings climbed 25%, topping the houseware retailer's own estimates, as the company again reported better sales and improved margins. Bed Bath & Beyond said it earned $283.5 million, or $1.12 per share, up impressively from last year’s $226 million, or $0.86 per share. Sales rose nearly 12% to $2.50 billion from $2.24 billion, as consumers ramped up spending on items for their homes. Bradley Thomas of KeyBanc Capital Markets noted that the retailer’s impressive quarterly results were propelled by an 8.5% rise in revenue at stores open at least a year. This figure is a key gauge of a retailer’s health because it excludes revenue from stores opened or closed during the year. Sterne, Agee & Leach was likewise pleased with the quarterly performance and applauded the company’s business model because it “gives individual store associates a lot of flexibility to align their store assortments to local market tastes/preferences and which we would view as a key element of the company’s success.” For the rest of this year, Bed Bath & Beyond sees earnings rising 10-15%, which would imply a profit of $3.38-3.53. That’s well above the average forecast of $3.30 expected by analysts. Bed Bath & Beyond owns chains including buybuy Baby, Christmas Tree Shops and its namesake stores."
Canaccord analyst says, "Bed Bath & Beyond’s fourth-quarter earnings climbed 25%, topping the houseware retailer's own estimates, as the company again reported better sales and improved margins. Bed Bath & Beyond said it earned $283.5 million, or $1.12 per share, up impressively from last year’s $226 million, or $0.86 per share. Sales rose nearly 12% to $2.50 billion from $2.24 billion, as consumers ramped up spending on items for their homes. Bradley Thomas of KeyBanc Capital Markets noted that the retailer’s impressive quarterly results were propelled by an 8.5% rise in revenue at stores open at least a year. This figure is a key gauge of a retailer’s health because it excludes revenue from stores opened or closed during the year. Sterne, Agee & Leach was likewise pleased with the quarterly performance and applauded the company’s business model because it “gives individual store associates a lot of flexibility to align their store assortments to local market tastes/preferences and which we would view as a key element of the company’s success.” For the rest of this year, Bed Bath & Beyond sees earnings rising 10-15%, which would imply a profit of $3.38-3.53. That’s well above the average forecast of $3.30 expected by analysts. Bed Bath & Beyond owns chains including buybuy Baby, Christmas Tree Shops and its namesake stores."
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