Bed, Bath & Beyond Inc.

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Debt Financing / Related, Other Pre-Announcement

Bed Bath & Beyond Inc Reports Q2 Sales of $1.44 Bln

Published: 09/29/2022 13:45 GMT
Bed, Bath & Beyond Inc. (BBBY) - .
Reports Fiscal 2022 Second Quarter Results.
Q2 Sales $1.44 Billion.
Current Liquidity of Approximately $0.85 Billion.
Qtrly Loss per Share $4.59.
Qtrly Adjusted Loss per Share $3.22.
Qtrly Net Sales of $1,437 Million Declined 28%.
Confident That Our Current Liquidity Will Enable Necessary Changes We Are Implementing.
Qtrly Comparable Sales Down 26%.
Qtrly Sales and Profit Results Do Not Yet Reflect Strategic and Financial Actions We Have Initiated.
Qtrly Bed Bath & Beyond Banner Comparable Sales Decline of 28%.
Anticipates Breakeven Operating Cash Flow by End of Fiscal 2022.
Cash, Cash Equivalents, Restricted Cash and Investments Totaled Approximately $0.2 Billion at Quarter-end.
Considering Liability Management Transactions With Particular Focus on 2024 Bonds.
Transactions Could Be Launched in Q3 and Could Include Offers to Exchange Our Current Debt.
Sees 2022 Comparable Sales Decline in 20% Range Driven by Improvements in H2 2022 Versus H1 2022.
In Q1, We Experienced a Significant Dislocation Between Sales and Inventory That We Began to Address Immediately During Q2.
Although Still Very Early, We Are Seeing Signs of Continued Progress As Merchandising and Inventory Changes Begin.
Sees 2022 Capital Expenditures of About $250 Million Versus Original Plans of About $400 Million Previously Planned for 2022.
Q2 Earnings per Share View $-1.85, Revenue View $1.47 Billion -- Refinitiv Ibes Data (analyst estimates).