Bed Bath & Beyond (NASDAQ:BBBY)reported Wednesday fiscal fourth-quarter results that topped analysts’ estimates, but warned it could not make predictions for 2020 due to the coronavirus pandemic.
The company said that despite widespread, temporary store closures, it still has the financial flexibility to make key investments in e-commerce and strengthen its ability to offer shoppers the option to buy products online and pick them up at stores.
"The duration and extent of the pandemic is highly uncertain, and Bed Bath & Beyond’s results could be impacted in ways that are difficult to predict today," it said, in its earnings release.
The retailer reported a net loss of $65 million, or 53 cents per share, in the quarter, compared with a loss of $254 million, or $1.92 a share, a year ago.
Excluding one time items, the company earned 38 cents per share, better than the 20 cents analyst were expecting, based on estimates.
Revenue dropped 6% to $3.1 billion, slightly better than the $3.07 billion analysts were anticipating.
Overall same-store sales were down 5.6% during the holiday period.
Sales at its bricks-and-mortar stores open for at least 12 months dropped 10%, while online sales jumped 16%.
Taking preventative measures, the retailer said Wednesday that it plans to cut back discretionary expenses like business travel and advertising, and costs related to the maintenance of stores that are sitting dark. It said it has postponed about $150 million in planned expenses that included some store remodeling.
Bed Bath & Beyond shares surged 80 cents, or 18.1% to $5.24.
