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2 reasons why Bed Bath & Beyond stock trades lower today

2023.03.30 10:01


© Reuters 2 reasons why Bed Bath & Beyond (BBBY) stock trades lower today

By Senad Karaahmetovic

Shares of Bed Bath & Beyond (NASDAQ:) trade about 3% lower today despite the being up 0.6% on improving risk sentiment.

Shares fell in pre-market trade after the company reported preliminary net sales for the fourth quarter of about $1.2 billion, missing the average analyst estimate of $1.43B.

Comparable sales are expected to fall between 40% and 50%, while analysts were looking for a contraction of 25.9%. BBBY also reported a “continuation of negative operating losses” and “modest free cash flow usage.”

Moreover, the company said it has filed to sell up to $300M of stock. Common Stock will be offered through B. Riley Securities, which is serving as the sales agent.

“The actions we’ve taken have enabled us to create the necessary financial runway to begin restoring our iconic Bed Bath & Beyond and buybuy BABY businesses. We have raised $360 million of equity capital since the beginning of February, cured our default under our credit agreement, repaid material amounts of our ABL facility, completed our interest payment for our Senior Notes, all while jumpstarting our turnaround plans,” said Sue Gove, President & CEO of Bed Bath & Beyond.

BBBY stock is down 68% YTD.

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