(Bed Bath & Beyond) Bed Bath & Beyond reported net sales of $2.051 billion in the fourth quarter of 2021, down 22% from the prior year.
Bed Bath & Beyond attributed the weaker sales to global supply chain disruptions, the geopolitical turbulence, and the Omicron variant.
Comparable sales declined by 12% from the prior and were down by 8% compared to the fourth quarter of 2019.
Gross margin pointed lower at 28.3% in the fourth quarter, from 31.5% in the prior year. SG&A margin improved to 33.3% from 29.1%.
Following the challenges, the company reported a net loss of $159 million in the fourth quarter, compared to a net income of $9 million in the prior year.
Bed Bath & Beyond announced the completion of a $1 billion share buyback ahead of its FY23 plans, with $230 of repurchases in the fourth quarter of 2021 and $40 million in March 2022.
BBBY: NASDAQ is down -0.11%
