Bed Bath & Beyond (NASDAQ: BBBY) reported Q1 EPS of ($2.83), $1.51 worse than the analyst estimate of ($1.32). Revenue for the quarter came in at $1.46 billion versus the consensus estimate of $1.53 billion.

• Bed Bath & Beyond banner Comparable1 Sales decline of (27)% reflecting rapid shift in consumer spending patterns and declining demand in Home sector
• buybuy BABY Comparable1 Sales of down mid-single digits commensurate with current market decline; Market share remains stable

Fiscal 2022 Outlook Commentary

At this time, the Company is providing the following outlook parameters for Fiscal 2022:

– Sequential Comparable1 Sales recovery to occur in the second half of Fiscal 2022 versus the first half of Fiscal 2022 driven by inventory optimization plans, including incremental clearance activity

– Adjusted2 SG&A expense for Fiscal 2022 below last year, reflecting aggressive actions to align cost structure to sales

– Capital Expenditures of approximately $300 million (from $400 million previously) for Fiscal 2022, reflecting a minimum reduction of $100 million

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