Jim Cramer Liked Bed Bath & Beyond Before Coronavirus
Bed, Bath and better than expected?
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.
Catch his full take in the video above.
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