Union, N.J. – Bed Bath & Beyond is struggling to restructure its debt amid reports that many suppliers have hit the brakes on shipping.
This morning, the company announced it will release its 3rd quarter financials on Jan. 10. Bed Bath & Beyond’s live webcast to review the results is scheduled for 8:12 a.m. ET. The press release detailing the numbers will be posted approximately 45 minutes earlier, along with related materials.
The Q3 report will cover financial performance through the period ended Nov. 26, which was the day after Black Friday. It’s unclear whether company executives will share any color on year-to-date Q4 sales during the webcast. Typically, companies refrain from going into detail about a quarter that is still in progress.
The trend lines for the 1st half of the fiscal year were dismal, with sales down nearly 50% and operating loss and net loss both widening year-over-year.
Several home textiles suppliers HTT has spoken with are bracing for a bankruptcy, but it must be noted that vendors and Wall Street prognosticators have been speculating about bankruptcy since last summer.
Jefferies analyst Jonathan Matuszewski in early December lowered the firm’s comparable sales estimate to -23%, according to Yahoo Finance. It was previously -15%. Refinitiv data, which is based on the mean estimate from 13 analysts, is projecting a 24.6% drop in full company revenue.
Its worth noting that those comparisons come against poor financial results in Q3 2021, when the Bed Bath & Beyond chain’s comp fell 10% and total company sales fell 28%.