Bed Bath & Beyond Sees Q2 Profit In Line With View; Lifts FY Sales Outlook

Bed Bath & Beyond Inc. (BBBY) said it expects adjusted earnings per share in the range of $0.48 to $0.55 for the fiscal 2021 second quarter. Analysts polled by Thomson Reuters expect the company to report earnings of $0.52 per share for the second-quarter. Analysts' estimates typically exclude special items.

The company projects fiscal 2021 second quarter net Sales of between $2.04 billion to $2.08 billion, which only reflects sales from the company's Core businesses. Net sales also includes planned sales reductions from the company's store fleet optimization program of about 9% to 10%. Analysts expect revenues of $2.01 billion for the second-quarter.

On a Comparable Sales basis, the company expects to achieve growth in the low-single digit range in the second-quarter compared to the prior year period.

The company increased its annual adjusted EBITDA guidance to a range of $520 million to $540 million from $500 million to $525 million and re-introduced a full fiscal year 2021 adjusted earnings per share range of $1.40 to $1.55. Analysts expect annual earnings of $1.47 per share.

The company raised its annual net sales outlook to range of $8.2 billion to $8.4 billion from the prior outlook of $8.0 billion to $8.2 billion. Analysts expect revenues of $8.15 billion for fiscal year 2021.

The company raised comparable sales expectations for the second through fourth quarters of fiscal 2021 to the Low-Single Digit growth range versus its previously communicated guidance outlook for Flat comparable sales growth. This compares to the company's robust sales performance during the second through fourth quarters of fiscal 2020.

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