Bed Bath & Beyond posted earnings on Thursday morning.
Bed Bath & Beyond said adjusted earnings for the three months ending on August 29, its fiscal second quarter, were pegged at 50 cents per share, well ahead of the Street consensus forecast of 23 cents per share. Group revenues, the company said, were essentially flat to last year at $2.7 billion, but topped analysts' forecast of a $2.6 billion tally thanks in part to an 89% annual increase in online sales.
Comparable store sales were solid, as well, rising 6% from last year and notching the first positive growth rate since the fourth quarter of the retailer's 2016 fiscal year.
"Our growth strategy is unlocking improved financial performance, and the marked improvement in our second-quarter financial results reflects the potential of our digital-first, omni-always transformation and our efforts to build a modern, durable platform for success," said CEO Mark Tritton. "We've taken direct action to stabilize our business, including reducing our cost structure, enhancing our financial flexibility, and investing where it matters most to our customers."
"At the same time, we have assembled a world-class and experienced leadership team to rebuild our authority in Home and modernize our operations to deliver a truly customer-inspired and omni-always shopping experience," he added.