Jim Cramer Liked Bed Bath & Beyond Before Coronavirus

Katherine Ross

Bed, Bath and better than expected?

Bed Bath & Beyond (BBBY) - Get Report surged over 16% after the home goods and home furnishings retailer posted better-than-expected earnings and a revenue beat.

Bed Bath & Beyond reported adjusted earnings per share of 38 cents per share, down from the prior year, but beating consensus estimates by 18 cents. Though group net sales fell 6.1% to $3.1 billion, the tally exceeded estimates of $3 billion. Comparable store sales fell 10%, while digital sales fell 16%.

The company did not provide profit guidance for 2020, noting that the full impact of the coronavirus pandemic remains unclear. Bed Bath & Beyond stores remain closed in the U.S. and Canada and the company has suspended plans for buybacks, dividends and debt reduction. A majority of store associates and a percentage of corporate employees have been furloughed until at least May 2, according to CEO Mark Tritton in a call with analysts late Wednesday.

"Frankly, it seems like a different place and time. Life as we knew it before March is a distant memory," Tritton said.

So what does TheStreet founder and ActionAlertsPLUS portfolio manager Jim Cramer have to say about the quarter?

Catch his full take in the video above.

StreetLightning Videos With Jim Cramer:

LIVE WITH JIM CRAMER - WATCH THE REPLAY
Enter your email to register or login. Registration information may be shared with advertising partners in accordance with our Privacy Policy.