Bed Bath & Beyond Inc

BBBY NASDAQ
BBBY
Bed Bath & Beyond Inc NASDAQ
 
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Important events

Sep 302022

Bed Bath & Beyond the pale

Ah, Bed Bath & Beyond. You need a good old soak in the tub with a glass of wine in hand after the quarter you’ve had, don’t you babe?

  • Bed Bath & Beyond is giving sinking ship vibes. The meme stock fave comparable sales that plunged by 28% and a wider-than-expected loss, with LPS of $3.22 vs $1.85 expected on revenues of $1.44bn. Shares sank 4% on Thursday, which considering BBBY’s typical volatile is pretty muted – could bad news already be baked in?
  • The results aren’t particularly surprising after a bumpy ride of a quarter for this struggling brand – shares have gone through major volatility on the back of renewed retail activity, the loss of many key executives, a new loan, mass job cuts and the closure of a bunch of stores.
  • It’s all in the name of a grand turnaround plan from new CEO Sue Gove, who took over after activist investors decided Mark Tritton wasn’t up to the task of keeping the meme stock momentum going. To be fair to them though, it takes longer than a few months for a turnaround plan to take effect, so there could be good news to come.
  • See all reported financials
    Illustration by TradingView

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    Sep 052022

    Bed Bath & Beyond mourns a loss

    After an extremely volatile couple of weeks for Bed Bath & Beyond the company is dealing with tragic news of its CFO’s passing over the weekend.

    • CFO Gustavo Arnal reportedly fell to his death from a Manhattan skyscraper on Friday, the retail giant and police confirmed on Sunday. Gustavo joined Bed Bath & Beyond in 2020, before the memestock madness of 2021, and was credited with helping get BBBY through the worst of the COVID-19 pandemic – investigations into the incident are still ongoing.
    • It comes just days after Arnal briefed investors on BBBY’s new plans to secure $500m in new financing, slash jobs and close about a fifth of its namesake stores. The CFO, together with others like activist investor Ryan Cohen, was facing a $1.2bn class action lawsuit that alleges a pump and dump scheme.
    • It widens a major gap in the brand’s leadership team – Bed Bath & Beyond is still looking for a permanent CEO after Mark Tritton’s departure in June, and this news comes when investors are increasingly worried about the company’s operations. The stock’s been on a rollercoaster recently, popping 500% in August before closing up 90% – volatility is likely to continue after this news.
    Bedbathandbeyond
    Sep 012022

    Bed Bath above & Beyond

    The volatility continues for Bed Bath & Beyond after the meme stock rockstar lays out the “strategic changes” that it hopes will steady the business.

    • Bed Bath & Beyond has gotten a life raft to the tune of $500m from JPMorgan and Sixth Street Partners which includes financing to expand a $1.13bn asset-backed revolving credit facility – it’ll largely be put towards paying bills and steadying its relationship with suppliers who are weary of getting paid and have been pulling back.
    • It’s a positive signal but BBBY still has a lot to make up for. The brand’s been burning through cash and ended May with $100m compared to $1.1bn the year before – on top of the financing, the home store announced a plan to close multiple stores to cut costs and overhaul its product mix to win customers back from its rivals.
    • Shares plunged over 21% in Wednesday’s trading though so investors still seem anxious about whether its turnaround plan will work – that being said, the fundamentals aren’t always the most important thing to BBBY fans given the wild gains the stock has seen this month, closing August up 90% for its best month since the meme mania of January 2021 even after Wednesday’s drop. The ride never stops.
    Michael Dziedzic / Unsplash
    Aug 192022

    Cohen cuts the cord

    Ah Mr Newton, your hypothesis has once again been proven correct as Bed Bath & Beyond’s gravity-defying rally comes to a thumping end, paving the way for a new star.

    • Bed Bath & Beyond crashed 44% in extended trading on Thursday to build on an intraday loss of 20% and pretty much erase the last four sessions of gains. The earlier retail momentum was partly down to activist investor Ryan Cohen (one of BBBY’s largest shareholders) snapping up stock options earlier this week, but then…
    • News hit that Cohen has exited his entire position in the home retailer, selling off 9.45m BBBY shares at a price of between $18 and $29 together with all of his call options on the shares, leading prices to plummet – but not before a 20-year old uni student named Jake Freeman walked away with roughly $110m in profit from the rally… alright for some, innit.
    • Jake’s already set his sights on MindMed as his next meme stock star, having launched an activist investor campaign against the brand on behalf of a bunch of investors who own 5.6% of the company – which soared 36% on Thursday on news that the group wants to work with the board. Elsewhere, bbq king Weber is getting the retail treatment as well, soaring nearly 30% after trending on socials all day.
    Ryan / Flickr
    Aug 172022

    Meme market resurgence continues

    Short interest on Wall Street is making a comeback from a retail trader retreat earlier this year, and oh BBBY is it back with a vengeance.

    • Bed Bath & Beyond stock is now up a mind-boggling 310% for August so far, having skyrocketed as much as 70% at one point during intraday trading on Tuesday to prompt multiple halts in trading before closing up 29% – prices have lifted every day this month except three as retail traders reunited to send some of their meme stock faves to the moon.
    • Tuesday’s moves had Ryan Cohen partly to thank. The GameStop Chairman’s VC firm (which is already the second largest shareholder) bought call options on more than 1.6m BBBY shares with strike prices between $60 and $80 – that basically means Cohen reckons the stock can hit as high as $80 despite closing Tuesday at $20.
    • Short interest on Wall Street has increased by around $125.7bn, or 14%, since June 16 according to S3 partners, a period during which the S&P 500 rallied around 17%. Whether it’s thanks to a bullish shift in broader market sentiment, lighter summer trading helping outsized moves, institutions betting that this is just a bear rally, or something else entirely is still under debate.
    DHJung / Flickr
    Jul 082022

    BBBY insiders take shares to the Beyond

    Bed Bath & Beyond has a shiny new CEO at the helm to try and remedy the flailing business, and she has just checked in to backyourself.com.

    • A bunch of insider purchases have given investors bullish vibes. Sue Gove, who's only been head of the Bed Bath & Beyond household for a few weeks now, is already fueling positive sentiment after she bought 50,000 BBBY shares (worth around $230k), together with board members Harriet Edelman and Jeff Kirwan, who each bought 10,000 shares.
    • If you don’t back yourself, who will? Insider buying is often seen as a positive indicator. Gove, who arguably has the clearest picture of the biz, must be confident that it won’t be going under or she wouldn’t be spending her money on it, and high insider ownership can also mean execs are more mindful of shareholders’ interests.
    • Investors love the confidence, sending shares up nearly 22% on Thursday to hit a July high and erase losses associated with the brand’s disappointing recent earnings. However, prices are still down 64% YTD and over 80% in the last year, so our gal Sue has got an uphill battle ahead of her.
    Valerie Everett / Wikimedia Commons
    Jun 302022

    BBBY gets a new head of the household

    Bed Bath & Beyond continues to try and turn popular sentiment into fundamental success, and it’s hoping that a new CEO might do the trick – though investors don’t seem thrilled so far.

    • BBBY shares cratered nearly 24% on Wednesday to hit their lowest close since April 2020, now down 67% for this year. It came after the domestic goods retailer sharply missed first quarter estimates with a LPS of $2.83 (nearly double estimates of $1.39) on revenues that fell 33% to hit $1.46bn.
    • Sales were down across the board, with same-store sales (a key metric) tumbling 24% and online sales sinking 21%. After a multi-year effort to revive the brand and push online sales to win back customers, these results are understandably disappointing to investors, which may explain the brand’s exec shakeup…
    • CEO Mark Tritton has left the company after getting brought in to lead the business’ revival in 2019 – which hasn’t gone to plan. Tbf, he also had supply constraints, covid, and meme stock mayhem to contend with. But, after a spate of activist investor pressure to get new leadership, and now Sue Gove will be leading the company until they find someone more permanent.
    Bedbath
    Apr 142022

    Bed Bath and byeeee

    Turns out home goods aren’t first on people’s shopping lists in times of economic uncertainty, so Bed Bath and Beyond is paying the price instead.

    • BBBY stock fell 12% in Wednesday morning trading before closing down 1.27%, as investors reacted to the brand missing on both ends with LPS of $0.92 (vs $0.03 expected) on revenues that were down 22% to hit $2.05bn.
    • It’s been struggling big time with port congestion and low inventory, and said out-of-stock merch caused the company to miss out on $175m in sales. Not only that, but it’s competing with decade-high inflation and soaring interest rates, which is hurting consumer sentiment.
    • All of this has slowed BBBY’s turnaround efforts. CEO Mark Tritton came over from Target and has been trying to refresh the brand in the wake of a meme stock rally last year. But, these earnings will likely cement activist investor calls for a shake-up after GameStop’s Ryan Cohen called out the company for failing to have a solid strategy.
    See all reported financials
    Illustration by TradingView
    Mar 282022

    BBBY's big change

    Bed Bath & Beyond has slept on suggestions from Ryan Cohen and decided to accept his proposal.

    🔍 Key points:

    • The meme stock fan fave has made a deal with activist investor Ryan Cohen to add three independent directors to its board, hoping they can help streamline its strategies and boost its struggling share prices.
    • Cohen revealed a near 10% stake in the brand a few weeks back, but he also came down pretty hard on CEO Mark Tritton and pushed him to make sweeping changes to the business and sell off some segments – the three new board members were chosen by Cohen’s firm, RC Ventures.
    • Prices spiked as much as 10% on Friday before paring some of those gains, so investors are clearly keen to welcome the new board members – prices are up nearly 40% since Cohen got involved with the brand.
    See all reported financials
    Bill Jerome / Wikimedia Сommons
    Mar 082022

    Cohen causes a commotion

    One of the guys behind last year’s GameStop frenzy jumps into Bed with this meme stock, sending its stock way Beyond its six-month highs.

    🔍 Key points:

    • Bed, Bath and Beyond soared 38% on Monday to a six month high after GameStop chairman of the board and billionaire Ryan Cohen divulged a near 10% stake in the firm, making him a top-five shareholder in the $1.6bn retail chain that has been slowly declining since becoming a retail trading fave last year.
    • Cohen is ready to shake things up, according to a scathing letter he penned to the company’s board, where he criticized CEO Mark Tritton for "struggling to reverse sustained market share losses, stem years-long share price declines and navigate supply chain volatility". Ouch.
    • Sales are down 14% from a year ago, so he may have a point. Cohen argues that the brand needs to streamline its strategies, noting that though he doesn’t have time to be a director himself (he’s focusing on GameStop rn), he is happy to help nominate new talent to take the company where it needs to be. If the jump in share price is anything to go by, investors think that’s a fab idea.
    Bill Jerome / Wikimedia Сommons
    Jan 072022

    Can store closures bring prices back from the Beyond?

    Investors must be excited for their bath and bedtime to shake off the stress of this earnings mixed bag.

    • Prices rose 22% on Thursday before closing up nearly 8%, having hit their lowest levels since September 2020 the day before.
    • Ngl, the report was mostly bad news. The company missed on both ends with LPS of $0.25 compared to an expected breakeven, and revenues of $1.88bn missed forecasts of $1.95bn.
    • Supply chain bottlenecks let the revenue out the bath, leading to a lack of inventory that CEO Mark Tritton says cost the company a whopping $100m.
    • It lowered its FY outlook, now expecting a loss of $0.15 per share while analysts were hoping for EPS of $0.78.
    • It’s always darkest before the dawn, though. BBBY is going to close 37 stores in the next few weeks, and plans to close over 200 in total to save cash.
    • Its memestock status is partly behind the rally. The company is still among the market’s most heavily shorted stocks, with 22% of its shares short sold.
    See all reported financials
    Li Zhang / Unsplash