Bed Bath & Beyond posted a adjusted loss per share of -$3.22 for the three months ending August, wider than the -$1.85 expected by analysts' polled by Refinitiv.
Revenue came in $1.44 billion, plunging -28% from the year-ago quarter. The figure also missed analysts’ estimate of $1.47 billion.
According to Interim CEO Sue Gove’s statement in a news release, the home goods retail company’s quarterly results do not reflect its recent weeks’ progress. She said the company is resolving inventory issues by speeding up markdowns of some merchandise. Bed Bath is “confident that our current liquidity will enable the necessary changes we are implementing,” Gove said.
Gove said the company’s loyalty program, Welcome Rewards, has expanded by more than 1.3 million since the end of August, leading to a total of 6.4 million members. She said it is cutting costs by about $250 million for the second half of the fiscal year, while intending to boost sales.