Bed Bath & Beyond Inc. (NASDAQ:BBBY) reported upbeat earnings for its second quarter, while sales missed views.
Wednesday’s news release stated that for the fiscal 2019 second quarter, the Company reported a net loss of $1.12 per diluted share (or $138.8 million.
This included an unfavorable impact of approximately $1.46 per diluted share from charges related to the first wave of transformation initiatives including, severance costs associated with the corporate workforce reduction and decision to outsource certain functions, and an inventory writedown.
In addition, non-cash store impairment charges were incurred during the quarter. This compares to net earnings of $0.36 per diluted share ($48.6 million) for the fiscal 2018 second quarter.
Excluding the severance costs, inventory write down, and store impairment charges, BBBY reported adjusted net earnings of $0.34 per diluted share ($41.9 million) for the fiscal 2019 second quarter, compared to adjusted net earnings of $0.38 per diluted share ($52.0 million) for the fiscal 2018 second quarter, excluding severance costs.
Net sales for the fiscal 2019 second quarter were approximately $2.7 billion, a decrease of approximately 7.3% compared to the prior year period. Comparable sales in the fiscal 2019 second quarter declined approximately 6.7%.
During the fiscal 2019 second quarter, the Company repurchased approximately $16.5 million of its common stock, representing approximately 1.4 million shares.
The Company ended the fiscal 2019 second quarter with approximately $1.0 billion in cash and investments, compared with approximately $1.1 billion in cash and investments at the end of the fiscal 2018 second quarter.
Shares began Thursday up seven cents to $10.09
Related Stories
