Despite a third-quarter loss, analysts are confident about improvement for Bed Bath & Beyond.
Bed Bath & Beyond Inc. didn’t give analysts too many reasons to be upbeat after reporting a third-quarter loss, revenue miss and pulling its guidance.
One of the first objectives is in digital, with plans to shift from a reserve-online-pickup-in-store model to a buy-online-pickup-in-store model, which has worked well for Tritton’s former employer, Walmart Inc. WMT, +1.03% and other retailers.Bed Bath & Beyond BBBY, -19.22% also recently announced a major shakeup in the executive ranks. And on Monday, the company announced a $250 million real estate sale-leaseback transaction.
“By choosing to lease the real estate they sold, Bed Bath & Beyond has done the right thing for shareholders by unlocking capital that can be more efficiently put to work in much needed-growth initiatives, or if those don’t exist, give it back to shareholders,” he said. “Ultimately, however, in the near-term and mid-term, we see more reasons for incremental enthusiasm in the business than downside,” analysts said.“The transformation will be neither easy nor linear, but we believe the company has a better chance of success than most given its venerable new leadership , board support and engagement, strong cash flow and a solid balance sheet,” wrote Wedbush analysts led by Seth Basham.“Moreover, the company reported +7.
The stock is up 9.6% over the past year, but has take a 12.8% tumble over the past month. The S&P 500 index SPX, +0.67% has gained 26.6% over the last 12 months.
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