Bed Bath & Beyond inventory sinks to report low after gross sales warning, massive fairness providing

Shares of Bed Bath & Beyond Inc.
BBBY,
-26.23%
tumbled to a report low Thursday, after the troubled home-goods retailer warned of an enormous gross sales miss and launched a comparatively massive “at-the-market” providing of widespread inventory.

The inventory dove 26.3% to shut at 59.36 cents, under the earlier report low of 78.6 cents on March 23, in accordance with FactSet knowledge. It additionally closed under the $1 mark for the ninth-straight session.

Read extra: Bed Bath & Beyond inventory falls under $1 after retailer requires shareholder approval of reverse inventory cut up.

The firm mentioned it expects internet gross sales for its fiscal fourth quarter, which ended February, to fall to $1.2 billion from $2.05 billion in the identical interval a 12 months in the past. That’s under the FactSet consensus of $1.43 billion.

The firm additionally expects same-store gross sales, or gross sales from shops and digital channels which were working for no less than 12 months, to fall 40% to 50% from a 12 months in the past, whereas the FactSet consensus was for a decline of 28.3%.

The firm mentioned it expects to report fourth-quarter outcomes on the finish of April.

Bed Bath additionally mentioned Thursday that it launched an “at-the-market” providing, which entails promoting shares into the open market, of as much as $300 million value of widespread shares, via B. Riley.

That compares with the corporate’s present market capitalization of $78.3 million.

The firm mentioned it has additionally entered right into a inventory buy settlement with B. Riley Principal Capital II to supply extra capital to the corporate, whereas concurrently terminating its earlier public providing of fairness and warrants to purchase convertible most popular inventory.

Also learn: Bed Bath & Beyond fairness providing ‘one of the most unusual financing situations we have witnessed,’ analyst says.

And don’t miss: Bed Bath & Beyond’s lifeline comes at ‘incredible cost’ to shareholders, analyst warns.

“The actions we’ve taken have enabled us to create the necessary financial runway to begin restoring our iconic Bed Bath & Beyond and buybuy BABY businesses,” mentioned Chief Executive Sue Gove on Thursday. “We have raised $360 million of equity capital since the beginning of February, cured our default under our credit agreement, repaid material amounts of our ABL [asset-based lending] facility, completed our interest payment for our Senior Notes, all while jump-starting our turnaround plans.”

The inventory has plummeted 76.4% year-to-date, whereas the SPDR S&P Retail exchange-traded fund
XRT,
+0.95%
has tacked on 2.2% and the S&P 500 index
SPX,
+0.57%
has gained 5.5%.

Source web site: www.marketwatch.com

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