-=Bed Bath & Beyond (BBBY) reported earnings on Wed 8 July 20 (a/h)

Bed Bath & Beyond misses by $0.65, misses on revs, not providing comp data or guidance; plans to close approx 200 stores over next two years

Reports Q1 (May) loss of $(1.96) per share, excluding non-recurring items, $0.65 worse than the S&P Capital IQ Consensus of ($1.31); revenues fell 49.2% year/year to $1.31 bln vs the $1.39 bln S&P Capital IQ Consensus.

• Co not reporting same store comps due to temporary store closures.
• Net sales from digital channels grew 82%, including sales growth in excess of 100% during April and May 2020, while net sales from stores, of which 90% of the Company's total fleet were closed during the majority of the quarter, declined approximately 77%.
• Sales from digital channels represented nearly two-thirds of total sales.
• "With nearly all stores now open, we are delighted to welcome back our customers and drive an enhanced omni-always shopping experience. We are encouraged by early customer response, including continued strong demand, in excess of 80%, across our digital channels during the month of June, bolstered by the expansion of our Buy-Online-Pick-Up-In-Store (BOPIS) and Curbside Pickup services."

Outlook: Co is not providing guidance due to the continued uncertainty related to the impact of the COVID-19 pandemic. Co believes it has a strong financial position to manage through these uncertain times.

Restructuring Update:

• Co plans to close approximately 200 mostly Bed Bath & Beyond stores over the next two years and focus on other SG&A expense reductions.
• Co expects the aggregate benefit from these actions will generate future annualized savings of between $250-350 mln.