Why Bed Bath & Beyond Shares Are Trading Higher Today

Bed Bath & Beyond Inc BBBY is trading higher Thursday morning after the company announced its fiscal third-quarter 2021 financial results and issued guidance.

Bed Bath & Beyond reported a quarterly earnings loss of 25 cents per share, which was down from earnings of 8 cents per share year-over-year. The company reported quarterly revenue of $1.88 billion, which came in below the estimate of $2 billion. 

Bed Bath & Beyond expects fiscal-year 2021 earnings to come in between a loss of 15 cents per share and flat. The company expects 2021 revenue of $7.9 billion. 

"During a quarter where our sales momentum was not where we wanted it to be with sales of $1.9 billion and a 7% comp decline, improved momentum in November and strong gross margins demonstrated progress in our transformation," said Mark Tritton, president and CEO of Bed Bath & Beyond.

"In response to a sharp increase in inflation and pervasive freight and supply chain headwinds, we swiftly implemented market-driven pricing, promo optimization and product mix plans. Our decisive actions led to an adjusted gross margin rate significantly exceeding plan and above 2020 and 2019 - a key financial barometer of our three-year transformation strategy," Tritton added.

See Also: What 5 Analyst Ratings Have To Say About Bed Bath & Beyond

BBBY Price Action: Bed Bath & Beyond has traded as low as $13.32 and as high as $53.90 over a 52-week period.

The stock was up 9.69% at $14.66 Thursday morning.

Photo: Mike Mozart from Flickr.