|Bid||10.79 x 1100|
|Ask||10.80 x 800|
|Day's Range||10.70 - 11.15|
|52 Week Range||3.43 - 17.79|
|Beta (5Y Monthly)||2.49|
|PE Ratio (TTM)||N/A|
|Earnings Date||Sep. 30, 2020 - Oct. 05, 2020|
|Forward Dividend & Yield||0.68 (17.94%)|
|Ex-Dividend Date||Mar. 12, 2020|
|1y Target Est||10.31|
(Bloomberg Opinion) -- School districts nationwide are beginning to announce their reopening plans for the coming academic year. The policies vary widely, with Atlanta and Los Angeles saying that school would be entirely online and, New York, the country’s largest district, opting for a mix of in-person and digital learning.Of course, the primary tragedy of resorting to these non-traditional approaches to education amid Covid-19 is that it punishes students, who deserve a more immersive and social learning experience, and their parents, who badly need kids to be in school so they can get back to work. But the regional aspect of rules guiding school reopenings has another unfortunate side effect: It creates supply challenges for retailers as they try to drum up sales during the crucial back-to-school shopping season. Deloitte projects that $28.1 billion will be spent on back-to-school items this year, roughly flat compared to 2019. The consultancy estimates that stronger spending on technology will largely offset steep reductions in spending on clothing and traditional back-to-school supplies. But imagine how much this spending could vary by city or county depending on how school is being conducted in each place. Clothes, lunchboxes and backpacks will probably remain on shopping lists in jurisdictions where children are going to school in person. In districts where schooling is only virtual, there will be little reason to load up on those products but strong incentive to buy laptops, tablets, headphones and other technology for digital learning. When many adults started working from home in the spring, companies such as Wayfair Inc. and West Elm parent Williams-Sonoma Inc. noted that sales of home office furniture jumped. You could imagine a similar wave of purchasing of desks, tables and comfy chairs for kids now that they are potentially settling into this model for the long haul. It’s a similarly muddled picture for back-to-college spending, given that colleges and universities are all over the map about whether they are welcoming students back to campus. How many shower caddies or size twin XL sheets should Bed Bath & Beyond Inc. stock if loads of students aren’t living in dorms?This emerging patchwork of policies will make it hard for retailers to allocate inventory and target discounts effectively. Some chains may be able to manage this better than others. Target Corp., for example, has been working for years to localize its product assortments in other ways, such as to offer regional craft beers or an expansive selection of baby gear in a neighborhood with lots of young families. The retailer, in theory, could apply that strategic framework to this problem. But the school reopening situation is so fast-moving and fluid, that simply won’t be easy to do. Try as retailers might to get the right inventory in the right stores, I suspect many are going to end up with loads of gear they couldn’t sell and still other items they struggled to keep in stock. Those that have a well-developed ship-from-store operation for online purchases may have some advantage in smoothing out demand imbalances. The back-to-school shopping season was already going to be difficult for the retail industry before it became clear that it would look so different in various parts of the country. Vastly more of the spending will move online, either for delivery or curbside pickup, as consumers remain cautious about visiting public spaces. Gap Inc. has said its online sales were up more than 100% from the previous year in the month of May, while Macy’s Inc. said e-commerce sales surged 80% in the same period. That growth will almost certainly cool off somewhat in summer and fall now that physical stores have reopened. But the fact remains that department store and specialty apparel chains must adapt their workforces and merchandising strategies with these preferences in mind. It doesn’t help that Amazon.com Inc. has postponed Prime Day, a sale event that has typically happened in July that other retailers have piggybacked on. That deals bonanza had appeared to pull some back-to-school spending earlier. Without it, and with so much uncertainty about what school will look like, retailers could see shoppers postpone these purchases until late summer or early fall – a pattern they didn’t plan for. And, of course, a soaring unemployment rate means many shoppers are carefully minding their household budgets. The back-to-school shopping season is going to have to be one of improvisation for the retail industry. At least it will give them practice for the even-more-important holiday season, which also is going to have to be dramatically reimagined this year. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Sarah Halzack is a Bloomberg Opinion columnist covering the consumer and retail industries. She was previously a national retail reporter for the Washington Post.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
An important asset sale is back on track, sales and cash flow improved dramatically in June, and Bed Bath & Beyond is working to implement significant cost cuts.
Bed Bath & Beyond (NASDAQ: BBBY) announced yesterday that it has reached a deal with 1-800-Flowers.com (NASDAQ: FLWS) after the home goods retailer sued the flower company for putting a deal to acquire PersonalizationMall.com on hold. What Is an ETF?
Bed Bath & Beyond (BBBY) and 1-800-FLOWERS.COM have reached a settlement to conclude the sale of PersonalizationMall.com by Aug 3. This move will help the company focus on its core businesses.
Chris Low, FHN Financial Chief Economist joins The First Trade with Alexis Christoforous and Brian Sozzi to discuss July’s retail sales report from the U.S. Census Bureau.
Shares of Bed Bath & Beyond (NASDAQ: BBBY) rose sharply on Tuesday after providing answers to investors' questions. Last week, the company reported results for the first quarter of 2020 that left investors wanting to know more. Investors inundated the company with questions after it reported Q1 earnings, prompting management to release a special frequently asked questions presentation today.
The company says it still thinks its physical stores are an asset that can help transform the business, but it is closing down as many 200 of them (about 20% of its real estate portfolio) over the next two years, as many of them were generating losses despite generating about $1 billion in annual sales. Although that was offset by an 82% surge in e-commerce sales, total revenue tumbled 49% from the year ago period.
In this episode of Market Foolery, Chris Hill chats with Motley Fool analyst Brian Feroldi about some retail stocks making headlines today. They've got some rough reports and news about store closures and job cuts.
Athletic brand Lululemon surprised customers with a rare, limited time sale Thursday. The Final Round panel discusses the details and how other retailers are dealing with coronavirus-related pressure.
The stock market has done well lately, but Thursday morning brought a quick reversal to its recent gains. New data showed that first-time claims for unemployment benefits remained at elevated levels, with this week's 1.31 million number extending a streak of more than 1 million claims every single week since mid-March. The S&P 500 (SNPINDEX: ^GSPC) had fallen 39 points to 3,131, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) had dropped 69 points to 10,424.
Shares of home-goods retailer Bed Bath & Beyond (NASDAQ: BBBY) were down sharply in early trading on Thursday, after the company reported a loss for its fiscal first quarter that was wider than Wall Street had expected. About 200 Bed Bath & Beyond stores will close under a restructuring plan, the company's CEO said on Wednesday.
Bed Bath & Beyond's (BBBY) Q1 results were affected by temporary store closures stemming from COVID-19. Further, a shift in consumer preference to online hurt margins.
The chain expects to close about 200 locations over the next two years, management revealed on Wednesday, as the biggest part of a restructuring move aimed at reducing annual costs by between $250 million and $350 million. The retailer is hoping a more digital focus will allow it to continue serving strong demand for home furnishings and appliances without the burden of a massive store network to maintain and staff. CEO Mark Tritton expressed optimism that the lower cost burden will help the company return to steady sales growth and stable earnings -- in part by capturing digital sales growth.
A near doubling of its e-commerce business wasn't enough to protect Bed Bath & Beyond's (NASDAQ: BBBY) sales during the early stages of the COVID-19 pandemic. The specialty retailer revealed on Wednesday that revenue fell by 49% in the fiscal first quarter, which included the challenging selling months of March, April, and May.
Bed Bath & Beyond reports a miss on earnings, with sales falling almost 50% in the last quarter and noting plans to close about 200 brick and mortar locations in the next two years. The Final Round breaks down the numbers.
Bed Bath & Beyond (BBBY) delivered earnings and revenue surprises of -38.03% and -1.80%, respectively, for the quarter ended May 2020. Do the numbers hold clues to what lies ahead for the stock?
(Bloomberg) -- Bed Bath & Beyond Inc. plans to shrink its store base, closing 200 stores over the next two years in a bid to cut costs and weather one of retail’s most challenging periods yet.The home goods retailer, which operates more than 950 of its namesake stores in the U.S. and Canada, declined to say how many jobs will be eliminated when it shutters about one-fifth of locations. It will try to place associates in surrounding stores when possible, and more details will be released in October, Chief Executive Officer Mark Tritton said in an interview.“We definitely will be reducing down our overall store profile and therefore our headcount,” Tritton said.Between the store closures and other restructuring moves along the supply chain, the company said it will eventually save between $250 million and $350 million a year, excluding one-time costs. The company, which has a total of 1,478 stores across its brands, said the 200 closures would be “mostly” Bed Bath & Beyond locationsShares fell in after-market trading, slipping as much as 8.3%.The store closures come as the chain tries to navigate the coronavirus pandemic that has upended the entire retail sector. Like many peers, Bed Bath & Beyond has tried to scale down, build up its e-commerce business, negotiate with landlords and shore up liquidity where it can. In some cases Bed Bath & Beyond deferred rent payments for stores that went dark due to the pandemic shutdowns, Tritton said.The impact of store closures, however, were significant. Net sales in the quarter that ended on May 30 fell 49%. During the closures, net sales from the company’s digital business rose 82%, accounting for about two-thirds of sales for the quarter, said the company, which also operates stores including Buy Buy Baby and Christmas Tree Shops.The majority of Bed Bath & Beyond stores have now reopened and the company is continuing to monitor regions where the virus may flare up again. Tritton said he expects the full fleet to be open by next week. The digital business has remained strong even with the stores back.“We’re really moving out of that phase and really moving into true life as we knew it with our stores open,” Tritton said. “We are strong in terms of our liquidity and we can now resume normal business in terms of our rent situation.”During social distancing, consumers continue to turn to the retailer to help them spruce up their homes, Tritton said, purchasing nesting items like blenders and new bedding. Now the company is working through its back-to-college strategy, which has the challenge of a fractured U.S. school schedule. While it’s still in the early stages, Tritton said the company is seeing positive results. For example, by checking Pinterest, the company can see that consumers are thinking about setting up their dream dorm rooms.“The back-to-college moment, while it’s starting a little later than prior years, it’s much stronger in terms of the customer response,” Tritton said. “We have higher customer engagement, higher purchases, higher conversions digitally and in stores, it’s off to a great start.”(Adds shares trading)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.