Home improvement retailer Bed Bath & Beyond, Inc. (BBBY) reported on Thursday a net loss of $276.43 million or $2.78 per share, sharply wider than net loss of $75.44 million or $0.61 per share in the prior-year quarter.
Excluding items, adjusted net loss for the quarter were $24.57 million or $0.25 per share, compared to adjusted net income of $10.43 million or $0.08 per share in the year-ago quarter.
On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $0.00 per share for the quarter. Analysts’ estimates typically exclude special items.
Net sales for the quarter declined 28 percent to $1.88 billion from $2.62 billion in the same quarter last year. Analysts expected revenues of $2.00 billion for the quarter. Comparable sales for the quarter declined 7 percent.
The decline in sales was attributable to a core banner sales decline of 14 percent, primarily driven by a decrease in Bed Bath & Beyond banner sales. Net sales also included a planned reduction of 14 percent from non-core banner divestitures.
Looking ahead to the fourth quarter, the company expects adjusted earnings in a range of flat to $0.15 per share on net sales of about $2.1 billion. Analysts expect earnings of $0.72 per share on net sales of $2.27 billion for the quarter.
For fiscal 2021, the company now projects adjusted results between a loss of $0.15 per share and $0.00 per share on net sales of about $7.9 billion, with comparable sales of high-single digit growth.
Previously, the company expected adjusted earnings in the range of $0.70 to $1.10 per share on net sales between $8.1 billion and $8.3 billion, with comparable sales of flat to up slightly for the second through fourth quarters of fiscal 2021.
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