Bed Bath & Beyond Inc. (NASDAQ: BBBY) today provided a business update and certain preliminary, unaudited estimated financial results for the three months ended November 26, 2022.
For the third quarter of fiscal 2022, the Company expects to report Net Sales of approximately $1.259 billion compared to $1.878 billion in the year ago period, reflecting lower customer traffic and reduced levels of inventory availability, among other factors. SG&A Expense is expected to be approximately $583.6 million compared to approximately $698.0 million in the year ago period, driven by the execution of cost optimization initiatives to right-size the Company's expense structure.
The Company anticipates a Net Loss of approximately $385.8 million for the third quarter of fiscal 2022, including impairment charges of approximately $100.0 million, compared to a Net Loss of $276.4 million in the year ago period. These results, including any impairment charges, are subject to further review and potential adjustment.
CEO Sue Gove, said, "We have a clear vision for the future of the company. Today's announcement underscores the importance of having initiated a turnaround at the start of the third quarter and why we strengthened our leadership team to execute each step with precision. Our plan has two anchors: the first enables us to refocus merchandising and inventory, operate more efficiently, and grow our digital and omni-capabilities, and the second focuses on strengthening our financial position. Transforming an organization of our size and scale requires time, and we anticipate that each coming quarter will build on our progress."
BBBY shares let go of 56 cents, or 23.2%, to $1.85.
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