Connect with us

Hi, what are you looking for?

Stock

Bed Bath Gains As Analysts Sound Positive Ahead Of Q1 Earnings

Stock Markets31 minutes ago (Jun 28, 2021 12:39PM ET)

(C) Reuters

By Dhirendra Tripathi

Investing.com – Bed Bath & Beyond (NASDAQ:BBBY) rose more than 7% during Monday’s trading as two research houses sent out positive reports ahead of the retailer’s June 30 first quarter earnings announcement.

Baird analyst Peter Benedict believes the upcoming results appear biased to the upside based on robust sector demand and normal earnings seasonality.

The analyst said he is on the lookout to reengage with this “intriguing multi-year turnaround story,” even as he maintained his neutral rating with a $30 target for the stock, a level breached in today’s rally. Bed Bath spent a brief time as a meme stock.

Another research firm, CFRA, said it believes the retailer’s turnaround scheme makes it worthy for even more traditional investors and said it sees a 40% rally in the stock price.

Wednesday, Bed Bath said it will launch three new private-label brands, part of 10 such brands the store plans to offer. Private-labels are in-house exclusive brands that bring superior profit margins compared to those made by other manufacturers and sold by retailers.

For the first quarter, the company expects net sales to increase by over 40% versus the prior year period. Net sales for the first quarter ended May 30, 2020, were $1.30 billion.

It expects adjusted first quarter gross margin to be in the 34% range and expects to deliver between $80 million and $90 million in adjusted earnings before interest, taxes, depreciation and amortization.

For fiscal 2021, Bed Bath has guided for net sales and adjusted earnings of between $8 billion and $8.2 billion and between $500 million and $525 million, respectively.

Bed Bath Gains As Analysts Sound Positive Ahead Of Q1 Earnings

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Stock

Stock Markets25 minutes ago (Jul 16, 2021 05:46PM ET) (C) Reuters. FILE PHOTO: Johnson & Johnson’s Neutrogena Cool Dry Sport sunscreen, which is part...

Tech

Builders, creators and developers, this one’s for you! TechCrunch has always been about discovering fresh solutions and shining the light on exciting, new products...

Stock

(C) Reuters. FILE PHOTO: Indian billionaire Gautam Adani speaks during an interview with Reuters at his office in the western Indian city of Ahmedabad...

Disclaimer: Wisegazette.com it's managers and its employees (collectively "The Company") do not make any guarantee or warranty about what is advertised or above. Information provided by this website is for research purposes only and should not be considered as personalized financial or health advice. Copyright © 2021 Wise Gazette. All Rights Reserved