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Why did Bed Bath & Beyond Inc. (BBBY) stock perform well on Tuesday?

Bed Bath & Beyond Inc. (BBBY) shares popup 3.28% in the after-hours on Tuesday, January 11, 2022, and closed the daily trading at $13.55. Even in the regular trading session, BBBY’s stock gained 0.85%. BBBY shares have fallen 39.05% over the last 12 months, and they have moved down 12.47% in the past week. Over the past three months, the stock has lost 9.20%, while over the past six months, it has plummeted 52.96%.

Let’s see what are the latest news about the company?


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BBBY latest financial results

On January 6, 2022, Bed Bath & Beyond Inc. (BBBY) reported financial results for the third quarter of fiscal 2021 ended November 27, 2021.

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Q3 2021 financial updates

  • BBBY reported total net sales of $1,878 million in Q3 2021 compared to $2,618 million in Q3 2020.
  • The total cost of sales was $1.20 billion compared to $1.66 billion in Q3 2020.
  • In Q3 2021, the gross margin was 35.6% compared to 36.5% in Q3 2020.
  • It suffered a net loss of $276 million or net loss per share of $2.78 in Q3 2021 compared to a $75 million net loss or $0.61 loss per share in Q3 2020.
  • Non-GAAP Adjusted EBITDA was $9.76 million compared to $14.1 million in Q3 2020.
  • The company ended the third quarter with cash, cash equivalents, restricted cash, and investments of $0.6 billion.

Q4 2021 financial outlook

For fiscal Q4 2021, Bed Bath & Beyond is expecting,

  • Net sales of approximately $2.1 billion.
  • Adjusted Gross Margin in the range of 32.5% to 33.0%.
  • Adjusted EBITDA in the range of $80 million to $100 million.
  • Adjusted EPS in the range of $0.00to $0.15 per diluted share.

The fiscal Year 2021 financial outlook

The Company revised its fiscal year 2021 guidance outlook and is now expecting,

  • Net Sales of approximately $7.9 billion.
  • adjusted gross Margin in a range of 34.0% to 34.5%.
  • Adjusted selling, general and administrative expenses are expected to be approximately 34%.
  • Adjusted EBITDA in the range of $290 million to $310 million.
  • Adjusted earnings per share in the range of $0.15 to $0.00 per diluted share.

BBBY Share repurchase program

On November 2, 2021, Bed Bath & Beyond Inc. (BBBY) announced that it expects to complete its $1 billion three-year share repurchase plan by the end of fiscal 2021, two years ahead of schedule. The Company has completed $600 million in share repurchases since the end of fiscal 2020.  The Company now expects to repurchase the remaining $400 million of the program by the end of fiscal 2021.

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Conclusion

Well, as of this writing, there is no recent news but its latest financial results and financial guidance could be the catalyst behind its gains on Tuesday. Because despite, global supply chain issues, it performed well and expects improved financial figures for Q4 and FY 2021.

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