RSS   Newsletter   Contact   Advertise with us

Bed Bath and Beyond Q3 net loss 38.6 million

Christian Fernsby ▼ | January 9, 2020
Bed Bath and Beyond reported financial results for the third quarter of fiscal 2019 ended November 30, 2019.
Bed Bath and Beyond
Bed Bath and Beyond   Net sales for the fiscal 2019 third quarter were $2.8 billion
For the fiscal 2019 third quarter, Bed Bath and Beyond reported a net loss of $(0.31) per diluted share ($(38.6) million), which included a net benefit of $0.07 from the favorable impact from an adjustment to the incremental inventory reserve for future markdowns associated with its inventory initiative, that was partially offset by a non-cash charge for the impairment of certain store-level assets.

Topics: Bed Bath

This compares to net earnings of $0.18 per diluted share ($24.4 million) for the fiscal 2018 third quarter, which included the favorable impact of $0.16 per diluted share from the gain on the sale of a building.

Excluding these net favorable impacts in both periods, Bed Bath and Beyond reported an adjusted net loss of $(0.38) per diluted share ($(46.9) million) for the fiscal 2019 third quarter, compared to adjusted net earnings of $0.02 per diluted share ($2.7 million) for the fiscal 2018 third quarter.

Net sales for the fiscal 2019 third quarter were $2.8 billion, a decrease of 9.0% compared to the prior year period.

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

Bed Bath and Beyond's fiscal 2019 third quarter was significantly impacted by the calendar shift of the Thanksgiving holiday this year resulting in one less week of holiday sales compared to the prior year period.

Adjusting for this calendar shift to include Thanksgiving and Cyber Monday weeks in both periods, comparable sales for the fiscal 2019 third quarter declined 3.6%.

During the key five-day shopping period from Thanksgiving to Cyber Monday for both this year and last year, comparable sales on a shifted basis increased 7.1%.


 

MORE INSIDE POST