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Author: Roger AdamsDate: 2021-07-01

Bed Bath & Beyond (BBBY) +8% on raised FY 2022 guidance

Retail store Bed Bath & Beyond (BBBY) made gains midweek after it said it was in a strong position following a bounce back to a profit and a spike in revenue in Q1.

Bed Bath & Beyond (BBBY) climbed 8% on the Nasdaq on Wednesday after the retail store raised its profit guidance for the full year and hailed its “position of strength” in Q1.

The latest report was mixed though as the firm delivered $0.05 per share earnings for the three months to 31st May, three cents shy of Wall Street forecasts but considerably better than the -$1.96 figure from a year ago.

Group revenues soared 48.8% during the same period to $1.95bn to trump the pre-report forecasts by $80m.

After a solid start to the year, Bed Bath & Beyond now expects to post net sales of up to $8.2bn in fiscal 2021, along with adjusted earnings that top out at $1.55 per share.

CEO Mark Tritton said that it was on track to achieve key goals as it begins a three-year period of transformation, though it noted that the pandemic had caused “unprecedented” challenges.

He added: “For the first quarter, we delivered our fourth consecutive quarter of comparable sales growth with gross margin expansion exceeding our expectations.”

Tritton believes that the firm is now more agile and is putting the foundations in place for long-term growth.

Shares jumped 12% early in the US before settling at around +8% just after midday for a new $32.33 price.

Elsewhere, Virgin Galactic (SPCE) dipped 2% following a sharp rating downgrade from Bank of America (BofA) due to the inherent risk and volatility associated with space travel.

Analysts also believe that recent gains for the company have priced in the upside of its eventual move into space tourism.

BofA set a new underperform rating on Wednesday, down from a buy, as Virgin Galactic shares changed hands for $46.10 in New York.


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