BBBY - BBBY Stock Rises Despite Q3 Sales and Earnings Miss
BBBY Stock ( NASDAQ:BBBY )
Bed Bath & Beyond Inc.’s ( NASDAQ:BBBY ) bad results for the third quarter of the fiscal year 2022 show that it is still losing money. Not only did the top and bottom lines miss the Zacks Consensus Estimate, but they also went down from the same time last year. Even though they tried to change the selection and use other selling and marketing strategies, they needed help to keep up with the demand.
The store selling home goods needs more cash because suppliers asked for strict payment terms before the busy holiday shopping season. Also, because fewer products were on the shelves, there were fewer customers.
Management said it plans to let go of more workers to save money. It had already said it would close 150 stores and lay off 20% of its corporate and supply-chain employees. Also, the company needed help to get bondholders to trade their investments for more debt.
After a string of bad sales numbers, BBBY recently said it is considering different options, including going bankrupt. But the company is doing a lot to ensure they have enough stock to meet demand. They are doing this by using the money they made from holiday sales.
Because of this, BBBY stock has dropped 59.1% in the last three months, while the industry has grown 17.9%. But after the market closed on January 10, shares of BBBY stock went up by almost 28%. This could be because there are rumors that it will go bankrupt, making it a possible takeover target. And shares continued to soar on Wednesday, with a gain of nearly 55%.
In the third quarter of its ...
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