Bed Bath & Beyond (BBBY) Tops Q4 EPS by 9c, Reaffirms Outlook

Bed Bath & Beyond (NASDAQ: BBBY) reported Q4 EPS of $0.40, $0.09 better than the analyst estimate of $0.31. Revenue for the quarter came in at $2.62 billion versus the consensus estimate of $2.63 billion.

• 3rd Consecutive Quarter of Comparable Sales Growth
• +4% Comp Sales growth on Total Enterprise, including digital comp growth of +86%
• +6% Comp Sales growth on Bed Bath & Beyond banner, including digital comp growth of +99%
• +12% Comp Sales growth in Bed Bath & Beyond's Top 5 destination categories combined
• Consistent Execution of Transformation Strategy Drives Earnings Growth
• 31.5% Gross Margin; Adjusted Gross Margin increases 20bps to 32.8%
• 13% increase in Adjusted EBITDA2 to $168 million; 160bps expansion in Adjusted EBITDA Margin2 to 6.4%
• $9 million of GAAP Net Income; Adjusted Net Income of $47 million
• $0.08 of Reported Net Earnings per Diluted Share; excluding special items, Adjusted Net Earnings per Diluted Share2 of $0.40

Fiscal 2021 Outlook:

• Year of Fast-Paced Transformation Expected to Enhance Strategic Position for Sustained Success
• Reaffirming fiscal 2021 outlook for Net Sales and Adjusted EBITDA of between $8.0 - $8.2 billion and between $500 - $525 million, respectively
• Expecting to launch at least 8 customer-inspired Owned Brands, including first quarter launches of Nestwell™, Haven™ and Simply Essential™
• Projecting faster improvement in gross debt-to-EBITDA ratio to
• Investing in growth and transformation with CAPEX spend of approximately $400 million
• Strengthening capital return to shareholders by increasing 3-year share repurchase authorization program to $1 billion from $825 million; increasing fiscal 2021 share repurchases to $325 million from $300 million

For earnings history and earnings-related data on Bed Bath & Beyond (BBBY) click here.

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