{"id":538805,"date":"2023-01-10T20:43:45","date_gmt":"2023-01-10T17:43:45","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bed-bath-beyond-posts-nearly-400m-loss-in-q3\/"},"modified":"2023-01-10T20:43:45","modified_gmt":"2023-01-10T17:43:45","slug":"bed-bath-beyond-posts-nearly-400m-loss-in-q3","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bed-bath-beyond-posts-nearly-400m-loss-in-q3\/","title":{"rendered":"#Bed Bath &#038; Beyond posts nearly $400M loss in Q3"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a23e5660d30c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a23e5660d30c\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bed-bath-beyond-posts-nearly-400m-loss-in-q3\/#%E2%80%9CBed_Bath_Beyond_posts_nearly_400M_loss_in_Q3%E2%80%9D\" >&#8220;Bed Bath &#038; Beyond posts nearly $400M loss in Q3&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CBed_Bath_Beyond_posts_nearly_400M_loss_in_Q3%E2%80%9D\"><\/span>&#8220;Bed Bath &#038; Beyond posts nearly $400M loss in Q3&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2023\/01\/bed-bath-q3.jpg?quality=90&amp;strip=all\" \/><\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>Bed\u00a0Bath &amp; Beyond on Tuesday reported a third-quarter loss of $393 million after early holiday sales failed to\u00a0provide a respite from the months\u2019 long cash burn that led to warnings of a possible bankruptcy.<\/p>\n<p>The home goods seller has been struggling with a dwindling cash pile as vendors have been demanding payments more swiftly. Also, sales have been slammed across the home goods and decor sectors as the economy has slowed.<\/p>\n<p>Bed Bath &amp; Beyond\u00a0said last week it was exploring options, including bankruptcy, after taking on of $375 million in financing in August and failing this month to convince bondholders to swap out their investments for new debt. Last year, the company said it would close 150 stores and lay off corporate employees among other cost-saving measures.<\/p>\n<p>\u201cIt\u2019s clear to us that \u2018behind the scenes\u2019 conversations are pointing in the direction of bankruptcy,\u201d Wells Fargo analyst Zachary Fadem said in a note.<\/p>\n<p>The company did not indicate whether it would file for bankruptcy protection.\u00a0Last week it said\u00a0it was working with outside advisers to\u00a0explore\u00a0options after years of weakening sales.<\/p>\n<p>Bed Bath &amp; Beyond did not take questions from analysts on its Tuesday conference call \u201cin light of the ongoing review of strategic alternatives,\u201d said Susie Kim, head of investor relations.<\/p>\n<p>Its shares jumped 28% to $2.07\u00a0as\u00a0retail investors\u00a0speculated\u00a0it could be a potential acquisition target\u00a0and as short-sellers closed out bets on the stock falling.<\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>The New Jersey-based company\u2019s quarterly loss for the fiscal third quarter ended Nov. 26 includes an impairment charge of about $100.7 million,\u00a0that the value of its\u00a0inventory is\u00a0below\u00a0its original\u00a0estimates.<\/p>\n<p>\u201cIt\u2019s definitely a cause for concern,\u201d\u00a0said bankruptcy\u00a0lawyer Daniel Gielchinsky, who does not represent Bed Bath &amp; Beyond.<\/p>\n<p>The company\u00a0reported $153.5 million in cash and cash equivalents, a steep year-over-year decline from $509 million which could make it challenging for the retailer to secure more merchandise for its stores.<\/p>\n<p>Bed Bath &amp; Beyond said it started cost reductions of about $80 million to $100 million across the business.<\/p>\n<p>Net sales fell 33% to $1.26 billion in the quarter as inflation strained consumers\u2019 pockets. Foot traffic fell 23.1% in November from the previous year, according to data from Placer.ai.<\/p>\n<p>Inventory fell to $1.44 billion in the third quarter, down 24.9% year-on-year, after\u00a0the retailer shed\u00a0some of its own brands including Wild Sage and\u00a0offered\u00a0steep Black Friday discounts to move merchandise.<\/p>\n<p>Chief Executive Sue Gove said\u00a0Bed Bath &amp; Beyond\u00a0did not meet its goals in changing\u00a0its\u00a0assortment as it dealt with \u201ccredit line constraints\u201d and vendors seeking quicker payments.<\/p>\n<p>\u201cThis led to lower receipts and, therefore, lower in-stock levels, in the 70% range, which hampered our sales further in an already competitive environment,\u201d Gove said.<\/p>\n<p>The retailer\u2019s recent emphasis on private-label brands led it to cut back on orders of nationally branded merchandise, hurting its relationships with some vendors, one former Bed, Bath executive said.<\/p>\n<p>The big-box retailer is\u00a0considering skipping its debt payments\u00a0due on Feb. 1 to conserve cash ahead of a possible bankruptcy filing, Reuters reported earlier.<\/p>\n<p>Morningstar analyst Jaime Katz expects a Bed Bath &amp; Beyond bankruptcy filing in the first half of\u00a02023. She pointed to \u201cthe unwillingness of lenders to participate in a debt swap\u201d as evidence creditors are unlikely to take on \u201cincremental financial\u201d risk.<\/p>\n<p>More than 155 million shares of the stock had traded by midday Tuesday, with Morningstar\u2019s Katz saying the share price probably rebounded due to short-sellers covering their bets. Short sellers borrow shares to bet on declines. Buying back stock when closing a bet can help boost the share price.<\/p>\n<p>The retailer reported a non-GAAP loss of $3.65 per share, wider than Wall Street\u2019s estimate of a loss of $2.23 per share.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2023\/01\/10\/bed-bath-beyond-posts-nearly-400m-loss-in-q3\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Bed Bath &#038; Beyond posts nearly $400M loss in Q3&#8221; Bed\u00a0Bath &amp; Beyond on Tuesday reported a third-quarter loss of $393 million after early holiday sales failed to\u00a0provide a respite from the months\u2019 long cash burn that led to warnings of a possible bankruptcy. The home goods seller has been struggling with a dwindling cash&#8230;<\/p>\n","protected":false},"author":1,"featured_media":538806,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2023\/01\/bed-bath-q3.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[138291,77953,70237,5015],"class_list":["post-538805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-1-10-23","tag-bed-bath-beyond","tag-corporate-earnings","tag-retailers"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/538805","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=538805"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/538805\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/538806"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=538805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=538805"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=538805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}