Staff or Guest writer for The Dog of Wall Street.

2020-07-08 19:55

Bed Bath & Beyond Inc. today reported financial results for the first quarter of fiscal 2020 ended May 30, 2020. The Company's fiscal first quarter spanned the most critical months to date of the COVID-19 pandemic – March, April and May. Net sales were approximately $1.3 billion, a decrease of 49% compared to the prior year period due to temporary store closures.

Mark Tritton, Bed Bath & Beyond's President and CEO said:

"The impact of the COVID-19 situation was felt across our business during our fiscal first quarter, including loss of sales due to temporary store closures and margin pressure from the substantial channel shift to digital. From the beginning of this crisis, we have taken measured, purposeful steps to help keep our people safe and our customers serviced, and we are proud of the way our teams have navigated this unprecedented challenge with speed and agility. At the same time, our actions to strengthen our financial position and liquidity are enhancing our flexibility and capacity to invest and rebuild our business for long-term success."

"With nearly all stores now open, we are delighted to welcome back our customers and drive an enhanced omni-always shopping experience. We are encouraged by early customer response, including continued strong demand, in excess of 80%, across our digital channels during the month of June, bolstered by the expansion of our Buy-Online-Pick-Up-In-Store (BOPIS) and Curbside Pickup services. We believe Bed Bath & Beyond will emerge from this crisis even stronger, given the strength of our brand, our people and our balance sheet."

The Company is not providing financial guidance for 2020 due to the continued uncertainty related to the impact of the COVID-19 pandemic. The COVID-19 pandemic remains volatile and the impact continues to evolve, and it could adversely affect the Company's store re-opening plans and other measures intended to address its impact and/or the current expectations of its future business performance.

BBBY stock was down 9.5% after markets closed on Wednesday.