Shares of Bed Bath & Beyond initially dove, then bounced into the green, after the home-goods retailer reported a much wider-than-expected fiscal second-quarter loss, but showed that “accelerated markdowns” had helped improve the inventory overhang.
Shares of Bed Bath & Beyond Inc. seesawed into negative territory in morning trading Thursday, after the home-goods retailer reported a much wider-than-expected fiscal second-quarter loss, but showed that “accelerated markdowns” had helped improve the inventory overhang.
Excluding nonrecurring items, such as severance costs and other restructuring charges, the adjusted per-share loss of $3.22 was wider than the FactSet loss consensus of $1.79. That marks the sixth-straight quarter the company has missed bottom-line expectations. And free cash flow was negative $320.5 million, which was slightly better than guidance provided last month for FCF usage of approximately $325 million. And the company said it anticipates operating cash flow to be “breakeven” by the end of fiscal 2022.
Gove said that after suffering a significant dislocation between sales and inventory in the first quarter, the company started immediately addressing that dislocation in the second quarter. “Aggressive inventory optimization actions, including accelerated markdowns and strategic promotions, led to double digit improvement in this gap,” Gove said.
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