Bed Bath & Beyond (BBBY) reported Q2 EPS of ($3.22), $1.42 worse than the analyst estimate of ($1.80). Revenue for the quarter came in at $1.44 billion versus the consensus estimate of $1.47 billion.
Fiscal 2022 Outlook Commentary:
As previously announced with the Company's Business and Strategic Update on August 31, 2022, the Company is maintaining the following outlook parameters for fiscal 2022:
• Comparable1 Sales decline in the 20% range driven by improvements in the second half of fiscal 2022 versus the first half of fiscal 2022 • Adjusted2 SG&A expense approximately $250 million below last year, reflecting cost optimization actions occurring in the second half of fiscal 2022 • Capital Expenditures of approximately $250 million versus the Company's original plans of approximately $400 million previously planned for fiscal 2022
Based on these guidance parameters, as well as ongoing working capital management and the timing of SG&A savings, planned reductions in capital expenditures and future store closures, the Company anticipates breakeven operating cash flow by the end of fiscal 2022.