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Bed Bath & Beyond shares surge despite earnings miss
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Shares of Bed Bath & Beyond surged Thursday despite the company's third quarter earnings taking an estimated $100 million hit due to supply chain disruptions.
BED BATH & BEYOND INC.
The retailer posted a third quarter net loss $276 million, or $2.78 per share, down from a loss of $75 million, or 61 cents, a year ago. Adjusted for one-time items, the loss was 25 cents a share. Net sales slid for the second consecutive quarter to $1.88 billion, down 28% compared to $2.62 billion a year ago, while overall comparable sales declined 7% year-over-year.
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Bed Bath & Beyond banner comparable sales fell 10% year-over-year, with destination categories such as bedding, bath, kitchen food prep, indoor decor and home organization, which represent approximately two-thirds of the banner's total sales, declining 13% year-over-year.
Meanwhile, the buybuy BABY banner delivered its fourth consecutive quarter of comparable sales growth, increasing in the midteens compared to a year ago and driven by double-digit store growth and high-single digit digital growth.