Bed Bath & Beyond (BBBY) Misses Q3 EPS by 40c, Comps Down 8.3%, Announces Withdraw of Full Year Financial Guidance

(Updated - January 8, 2020 4:18 PM EST)

Bed Bath & Beyond (NASDAQ: BBBY) reported Q3 EPS of ($0.38), $0.40 worse than the analyst estimate of $0.02. Revenue for the quarter came in at $2.76 billion versus the consensus estimate of $2.86 billion.

• Comparable sales in the fiscal 2019 third quarter declined 8.3%.

"I am delighted to have the opportunity to lead this iconic company," stated Mark J. Tritton, Bed Bath & Beyond's President and CEO. "Our performance in the third quarter was unsatisfactory and underscores the imperative for change and strengthens our sense of priorities and purpose. We must respond to the challenges we face as a business, including pressured sales and profitability, and reconstruct a modern, durable model for long-term profitable growth. Fortunately, the foundation of the Company's transformation is well underway, due in large part to the direction and support of the Board. We will be finalizing the details of our strategic plan over the next few months and appreciate your patience as we embark and pursue this journey to position Bed Bath & Beyond to deliver long-term, sustainable growth."

Outlook

The Company expects its sales and profitability to remain pressured during the fiscal 2019 fourth quarter. Considering these headwinds reflected in the Company's results to date, and the ongoing work by recently appointed President & CEO Mark Tritton to assess the business and finalize the details of the Company's go-forward strategic plan as well as the extensive senior leadership changes within the past month, the Company believes it is appropriate to withdraw its fiscal 2019 full year financial guidance.

For earnings history and earnings-related data on Bed Bath & Beyond (BBBY) click here.

You May Also Be Interested In

• Safe & Green (SGBX) Provides Update on Audit and Planned 10-K Filing
• Elevance Health (ELV) hikes 2024 earnings outlook, shares climb
• Super Micro Computer (SMCI) now down nearly 20%