Bed Bath &Beyond Inc. (BBBY) shares were falling -14.25% to trade at $24.12 in the current market at the time of writing. BBBY stock previously closed at $27.93. Today the volume remained is 7.26 million. This is higher than the average daily volume of BBBY stock, 4.62 million shares for the past 50 days. BBBY shares have risen by 429.98% over the last 12 months, and they have moved down by -2.14% in the past week. Over the past three months, the stock has gained 36.31%, while over the past six months, it has added 30.15%. Further, the company has a current market of $3.34 billion and its outstanding shares stood at 122.89 million.
Announcement of financial report for the fiscal year 2020
On 14th April 2021, BBBY stock announced that it has released its financial report for Full Year 2020 & fourth-quarter results. Overview of the report shows that BBBY stock reported strong fourth-quarter earnings topping the forecast but there was a slump in the net sales compared to the predictions.
In the fourth quarter of the Fiscal year 2020, the comparable sales growth was incremented for the third consecutive quarter. The comparable stores sales were down by 20% while the digital sales grew by 86%; this trend of the shift towards digital enterprises is a pattern that has become common due to the pandemic discouraging physical shopping. However, the net sales of $2.6 billion decreased when compared to the previous year’s period by 16%.
SG&A expenses were witnessed to decrease by $264 million to $763 million compared to the prior year. There was an inclusion of $38 million approximately from special items for net earnings per diluted share of $0.08. The adjusted EBTIDA was $168 million which increased due to higher comparable sales to 13%.
As of 27th February 2021, the company has 1,020 stores compared to 1500 stores in February 2019. Along with the stores, Bed Bath & Beyond Inc. is operating 10 stores in Mexico based on a joint venture under the name Bed Bath & Beyond.
Outlook for the fiscal year 2021
For the current fiscal year, Bed Bath & Beyond predicts its net sales to be in the region of $8 billion to $8.2 billion while the earnings adjusted are forecasted in the range of $500 million and $525 million. “We are excited to start fresh in 2021 with our sharpened size and scale, a healthier portfolio of core banners and a stronger financial position to execute the first phase of our 3-year transformation journey”– this was the CEO of BBBY stock Mark Tritton’s remarks for the overall outlook of the FY 2021.
About Bed Bath & Beyond
Bed Bath & Beyond Inc. is an omnichannel retailer that has subsidiaries working in the same line of work. The company sells a range of assortments of home and house-ware related merchandises which include basic housewares, kitchen and tabletop items, furnishings, decorative products, consumables as well as juvenile products. These domestic merchandises helps Bed Bath & Beyond Inc. and its subsidiaries diversify their products and target multiple markets that of Home, Beauty, Baby, and Wellness.
The company has in the past provided various textile products, amenities, and other goods to institutional and industrial customers. Bed Bath & Beyond Inc. has established several retail platforms both digital websites and physical retail shops like buybuybaby.ca, harmondiscount.com, bedbathandbeyond.com, facevalues.com and decorist.com.