RTTNews | Jun 30, 2021 10:18AM EDT

10:18 Wednesday, June 30, 2021 (RTTNews.com) - Shares of Bed Bath & Beyond Inc. (BBBY) are climbing more than 22% Wednesday morning following first quarter results.

The company has raised its full-year sales outlook and provided second-quarter sales guidance, better than the Street view.

Bed Bath & Beyond has raised its full-year sales outlook to the range of $8.2 billion to $8.4 billion from $8.0 billion to $8.2 billion provided earlier. The consensus estimate polled by Thomson Reuters stands at $8.15 billion.

Adjusted EPS for the full-year is expected in the range of $1.40 to $1.55. Analysts see earnings of $1.47 per share for the year.

Looking forward to the second quarter, the company expects net sales of between $2.04 billion to $2.08 billion and adjusted EPS in the range of $0.48 to $0.55. Analysts expect the company to report earnings of $0.52 per share on sales of $2.01 billion for the quarter.

During the first quarter, the company's net loss narrowed to $51 million or $0.48 per share from net loss of $302 million or $2.44 per share in the same quarter a year ago.

Excluding items, earnings of $0.05 per share, however, missed the average estimate of analysts polled by Thomson Reuters at $0.08 per share.

Net sales for the quarter increased 49% year-over-year to $1.954 billion driven by higher Bed Bath & Beyond banner sales. The consensus estimate was for $1.87 billion.

The company reported Comparable Sales growth of 86% during the first quarter.

BBBY, currently at $36.73, has been trading in the range of $7.39- $53.90 in the last one year.

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