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Bed Bath & Beyond Inc. (BBBY) Just Got Our Attention

Bed Bath & Beyond Inc. (NASDAQ: BBBY) recently released its first quarter of fiscal 2021 financial results last week. Sales increased sharply on a year-over-year basis, and management felt that this was sufficient to improve the forecast for the rest of the year.

The company’s revenues grew by 49 percent year-on-year in the first quarter of fiscal 2021. This quarter was easy to compare with the first quarter last year, partly because of the tight lockdown. 

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However, an analysis of previous years showed that Bed Bath & Beyond is generally improving its positions. Meanwhile, sales of the company’s major brands, including Bed Bath & Beyond, buybuyBABY, Harmon Face Values, and Decorist, grew by 73 percent.

The adjusted net income per share was $0.05, compared with a loss of $1.96 a year earlier. It is important to note that Bed Bath & Beyond continues restructuring and plans to close low-profit stores. Bed Bath & Beyond expects to close approximately 200 stores by the end of fiscal 2021.

The Bed Bath & Beyond executives considered the quarter to be good enough to improve their forecast for the remainder of the year. 

According to the new forecast, the company’s revenue should grow to between $8.2 and $8.4 billion by the end of the year. Additionally, the company raised its adjusted EBITDA forecast to $520 – $540 million from $500-$525 million, expecting adjusted earnings to fall to $1.4 – $1.55 per share. The optimistic forecasts of Bed Bath & Beyond’s management were the main reason for the company’s shares to rise on June 30.

Bed Bath & Beyond’s stock has fluctuated considerably due to the activity of Reddit users. Therefore, the company’s shares have increased to more than $40 – $50 over the past few months.

Bed Bath & Beyond Inc. (BBBY) closed at $31.30 on Friday. The company has a market capitalization of $3.48 billion.

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