The splashy CEO hire by Bed Bath & Beyond (NASDAQ:BBBY) has drawn the attention of retail analysts.
Several analysts have issued positive comments on Bed Bath & Beyond hiring Target's CMO for the CEO job,
while Telsey Advisory Group upgrades BBBY to an Outperform rating from Market Perform with the
CEO overhang removed. Telsey's new price target of $16 is above the sell-side consensus PT of $12.73.
Shares of Bed Bath & Beyond are up 21.43% to $12.07.
Shares of Bed Bath & Beyond jumped more than 14% during premarket trading on Thursday following the company’s second quarter earnings results. The retailer reported its first same-store sales increase since 2016, and saw its online business surge more than 80% during the quarter. The company earned 50 cents per share on an adjusted basis, ahead of the 23-cent loss analysts had been expecting, according to Refinitiv. Revenue came in at $2.69 billion, compared to the expected $2.60 billion. - Pippa Stevens
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Bed Bath & Beyond stock bleeds on FQ3 miss and future sales impact on falling store traffuc
Jan. 07, 2021 7:31 AM ETBed Bath & Beyond Inc. (BBBY)By: Niloofer Shaikh, SA News Editor
Bed Bath & Beyond (NASDAQ:BBBY) -15% premarket, reports comparable sales of +2% vs. consensus of +4.6% and core Bed Bath & Beyond banner comp of +5% benefited from significantly strong growth in digital channels, including ~94% growth in the Bed Bath & Beyond banner and total enterprise growth of ~77%.
Adjusted EBITDA grew 168% Y/Y to $121M below consensus of $138.7M.
Adjusted gross margin rate improved 310 bps to 35.4% vs. consensus of 34.1%, driven primarily by optimization of promotion and markdowns; favorable product mix; and leverage of distribution and fulfillment costs.
The company generated cash flow of over $244M and reduced its gross debt by ~$0.5B and have liquidity position of ~$2.2B even after financing the $225M ASR program in October 2020.
Net sales in Q4 are estimated to be lower by a double-digit percentage range.
The company expects to continue driving significant sales growth from its digital channels in Q4 with total enterprise comparable sales to be approximately in line Y/Y. The company expects adjusted EBITDA margin to be higher Y/Y and gross margin and adjusted EBITDA are expected to be in line Y/Y.
Total share repurchase program increases to up to $825M from up to $675M; $375M in total ASR expected to be completed by end of 4Q20, on or before Feb. 27, 2021.
The company expects FY2021 Revenue in the range of $8B-$8.2B, Adjusted EBITDA outlook enhanced to a range of between $500M-$525M from +$500M.
Previously: Bed Bath & Beyond EPS misses by $0.12, misses on revenue (Jan. 7)
a. 問個股請先貼上盈再表，只准貼新聞不歡迎外人東西，違者刪文。
b. 申請發言請出示【發言內容】及藝名，核准後2小時內未自行貼上者無效。
c. 到了貴淑價之後何時該賣或買？不可知也無標準答案，請自己決定，別再問了。
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