Bed Bath & Beyond Reports Third-Quarter Loss

Bed Bath & Beyond Inc. has reported financial results for the third quarter of fiscal 2019 ended November 30, 2019.

“I am delighted to have the opportunity to lead this iconic company,” stated Mark J. Tritton, Bed Bath & Beyond’s President and CEO. “Our performance in the third quarter was unsatisfactory and underscores the imperative for change and strengthens our sense of priorities and purpose. We must respond to the challenges we face as a business, including pressured sales and profitability, and reconstruct a modern, durable model for long-term profitable growth. Fortunately, the foundation of the Company’s transformation is well underway, due in large part to the direction and support of the Board. We will be finalizing the details of our strategic plan over the next few months and appreciate your patience as we embark and pursue this journey to position Bed Bath & Beyond to deliver long-term, sustainable growth.”

For the fiscal 2019 third quarter, the company reported a net loss of $(0.31) per diluted share ($(38.6) million), which included a net benefit of $0.07 from the favorable impact from an adjustment to the incremental inventory reserve for future markdowns associated with its inventory initiative, that was partially offset by a non-cash charge for the impairment of certain store-level assets. Net sales for the fiscal 2019 third quarter were $2.8 billion, a decrease of 9.0 percent compared to the prior year period. Comparable sales in the fiscal 2019 third quarter declined 8.3 percent.