Why Bed Bath & Beyond Stock Soared 31% in Early Trading Today
Shares of housewares chain Bed Bath & Beyond (NASDAQ: BBBY) rose a dramatic 31% at the open on Wednesday (although the gain was pared back soon after). The news that got investors excited was the company's fiscal first-quarter 2021 earnings report, which it released before the open today.
Bed Bath & Beyond's fiscal first-quarter sales increased 49% year over year. And looking at what the company considers its core brands (Bed Bath & Beyond, buybuy BABY, Harmon Face Values, and Decorist), sales were up a hefty 73%. The comparative quarter in 2020 was affected by the pandemic, but the year-over-year performance suggests strongly that Bed Bath & Beyond is getting back on track.
On the bottom line, the retailer posted adjusted earnings of $0.05 per share compared to a loss of $1.96 per share in the same quarter of 2021. The company beat Wall Street expectations on the top line, but fell short on the bottom.
Source Fool.com
