Bed bath and beyond was up about 1% Wednesday after earnings were released after the close with mixed news. For the quarter ended June 1, Bed Bath & Beyond posted a loss of $371.1 million, or $2.91 a share, against earnings of $43.6 million, or 32 cents, in the year-earlier period.
The stock’s adjusted earnings were $.12 versus the estimated $0.08 that analysts expected, however, the revenue number was essentially in-line while the comparable sales were down 1% at 5.6% versus the estimated comparable sales of 6.6%. In the past three months since the company’s first quarterly earnings report the stock is down 41%.
In that time, in an effort to turn things around, the CEO was removed by board members, and an interim CEO has been put in place, Mary Winston, who did say that she recognizes a need for a fundamental change in the companies approach.
Bed Bath & Beyond said in its earnings report that it had created four key short-term goals: “stabilizing and driving” revenue growth, “resetting the cost structure, reviewing and optimizing the [asset]base, including our portfolio of retail banners, and refining our organization structure.”
