Home retail chain Bed Bath and Beyond’s fiscal first-quarter sales rose almost +50% year-over-year , even as earnings missed analysts’ estimates.
The company’s earnings for the quarter came in at 5 cents adjusted vs. 8 cents expected by analysts polled by Refinitiv.
However, net sales rose to $1.95 billion from the year-ago quarter’s $1.3 billion, thereby topping expectations of $1.87 billion. The company core sales (i.e. sales from Bed Bath & Beyond, Buybuy Baby, Harmon Face Values and Decorist) surged +73% from the year-ago quarter.
Comparable sales ( revenue online and at shops open for at least 12 months) increased +86% from a year earlier, compared to analysts’ expectation of 75.6% (StreetAccount estimates).
For the second quarter, Bed Bath & Beyond predicts adjusted earnings to range between 48 cents and 55 cents per share, while analysts were expecting 52 cents per share. The company expects sales to range between $2.04 billion and $2.08 billion. Analysts were looking for $2.02 billion, according to Refinitiv data.
For the full fiscal year 2021, Bed Bath & Beyond boosted its revenue forecast to a range of $8.2 billion to $8.4 billion, compared to prior estimate of $8 billion to $8.2 billion. Analysts were expecting revenue of $8.15 billion. The company projects full-year adjusted earnings to range between $1.40 and $1.55 per share, while analysts had been looking for $1.47 a share.