RTTNews | Sep 30, 2021 10:15AM EDT

10:14 Thursday, September 30, 2021 (RTTNews.com) - Shares of Bed Bath & Beyond Inc. (BBBY) are falling more than 24% in the morning trade on Thursday after reporting second quarter results that missed analysts' view. The company provided third quarter and full-year outlook, lower than the consensus estimates.

Bed Bath & Beyond reported net loss of $73 million or $0.72 per share in the second quarter compared with net income of $218 million or $1.75 per share in the same quarter a year ago, impacted by lower sales as well as escalated inflation.

Excluding items, earnings were $0.04 per share, that missed the average estimate of analysts polled by Thomson Reuter at $0.52 per share.

Net sales for the quarter declined 26% to $1.985 billion from $2.688 billion last year, hit by supply chain challenges. The consensus estimate was for $2.06 billion.

The company said its comparable sales in the second quarter declined 1% year-over-year, primarily impacted by slower-than- expected traffic trends in August across stores and digital.

Looking forward to the third quarter, Bed Bath & Beyond expects net sales to be in the rang of $1.96 billion to $2.0 billion. Adjusted EPS or the third quarter is expected between $0.00 and $0.05. Analysts expect the company to report earnings of $0.28 per share on revenue of $2.02 billion.

For the full year, revenue is expected in the range of $8.1 billion to $8.3 billion and adjusted EPS to be in the range of $0.70 to $1.10. The consensus estimate for earnings is at $1.51 per share and for revenue is at $8.31 billion.

BBBY, currently at $16.67 has traded in the range of $14.31- $53.90 in the last one year.

Read the original article on RTTNews ( https://www.rttnews.com/3229573/bed-bath-beyond-plunges-on-earnings-miss-outlook-below-view.aspx)

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