(Bed Bath and Beyond) Bed Bath & Beyond Inc. reported net sales of $1.982 billion in the second quarter of 2021, a 26% decline from $2.688 billion from the prior year. Comparable sales were down 1% to $1.985 billion in the second quarter on lower traffic in the company stores.
Gross margin fell by 640 basis points to 30.3%, while adjusted gross margin plunged by 190 bps to 34.0%.
The company reported a net loss of $73 million or -$0.72 diluted earnings per share, down from a net income of $218 million, or $1.75 EPS in the comparable period of last year.
Bed Bath & Beyond now projects net sales of between $1.96 billion and $2.0 billion in the third quarter. FY21, sales are expected to rise to between $8.1 billion and $8.3 billion.
Third-quarter and FY21 adjusted gross margin is expected in the range of 34% to 35% reflecting global supply chain challenges.
The company expects an adjusted EBITDA ranging from $80 million and $85 million in the third quarter. FY21 EBITDA is expected in the range of $425 million and $465 million.
BBBY: NASDAQ is down -25.23%
