Bed Bath & Beyond Continues to Defy Expectation in Q3
Reddit traders are getting all the credit for boosting Bed Bath & Beyond's (NASDAQ: BBBY) stock price 8% on Thursday after the home goods retailer posted fiscal 2021 third-quarter results that at any other time would have been seen as a poor report.
Sales fell and missed Wall Street's expectations, losses dramatically widened, and the retailer said it was expecting to break even at best for the full year and might even post a loss of as much as $0.10 per share.
With the stock down 73% from the highs it hit a year ago during the meme stock trading frenzy, not even the promise of a $265 million stock buyback should have caused the stock to soar so much. And due to ongoing supply chain shortages and rising inflation, there's a good chance its business will deteriorate further.
Source Fool.com
