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Investing.com — Shares of Bed Bath & Beyond Inc (NASDAQ:BBBY) jumped nearly 8% Thursday following its fiscal third-quarter earnings results.
The company announced a loss per share of 25 cents on revenue of $1.88 billion. Analysts polled by Investing.com anticipated EPS of 1 cent on revenue of $1.96 billion.
The company put the miss on both earnings and revenue down to supply chain issues. Mark Tritton, the company’s president and CEO said: “Overall sales were pressured despite customer demand due to the lack of availability with replenishment inventory and supply chain stresses that had an estimated $100 million, or mid-single digit, impact on the quarter and an even higher impact in December.”
However, looking ahead, Tritton was upbeat, telling investors the company’s “customer acquisition strategy for the Bed Bath banner is gaining traction as evidenced by our Beyond+ loyalty program, which grew by nearly half a million members after one of our largest new subscriber quarters. Our buybuy BABY banner continues to deliver double-digit growth and we are on track to achieve approximately $1.3 billion in sales in this first year of transformation – ahead of our investor day goals – all while improving profitability and market share.”
Looking ahead, BBBY expects fiscal fourth-quarter net sales of approximately $2.1 billion, below the consensus of $2.27 billion according to TipRanks and EPS in the range of zero to 15 cents.
BBBY shares touched a high of $16.38 at the start of Thursday’s session.
