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Bed Bath & Beyond shares gained 16% in after-hours trade following the report.
Bed Bath & Beyond announced earnings per share of $0.38 on revenue of $3.1 billion. Analysts polled by Investing.com anticipated EPS of $0.21 on revenue of $3.09 billion. That compared with an EPS of $1.20 on revenue of $3.31 billion in the same period a year before. Bed Bath & Beyond had reported EPS of $-0.38 on revenue of $2.76 billion in the previous quarter.
Bed Bath & Beyond shares are down 74% from the beginning of the year, still down 75.20% from its 52-week high of $17.90 set on April 15, 2019.
The uptick in performance was led by online performance during the Cyber Monday holiday week.
“The company’s fiscal 2019 fourth quarter was favorably impacted by the Cyber Monday holiday week, which occurred during the fourth quarter this year, but occurred in the company’s third quarter in the prior year period,” the company said.
Adjusting for the calendar shift to exclude Cyber Monday week in both periods, comparable sales for the fiscal 2019 fourth quarter declined 11.0%.
The strong end to the fiscal year, however, did not reflect the full impact from the coronavirus as the company’s fourth-quarter ended on Feb. 28, with stores closed since March 23.
In an effort to conserve cash, the company said it would or planned to suspend prior plans to spend up to $600 million in fiscal 2020 for share repurchases, future dividends, and debt reduction and postpone approximately $150 million in planned capital expenditures out of fiscal 2020.
Looking ahead, the retailer conceded that its outlook was murky at best due to the Covid-19 pandemic.
“The company’s first-quarter and full-year 2020 results will be unfavorably impacted by the COVID-19 pandemic. The duration and extent of the pandemic is highly uncertain, and Bed Bath & Beyond’s results could be impacted in ways that are difficult to predict today. Due to the level of market uncertainty, the company will not provide further financial guidance for fiscal 2020 at this time,” Bed Bath & Beyond said.
Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com’s earnings calendar
