Bed Bath & Beyond (NASDAQ:BBBY) reported its Q2 results, with EPS of ($3.22) coming in worse than the Street estimate of ($1.80). Revenue was $1.44 billion, missing the Street estimate of $1.47 billion.
The company provided its full-year outlook, expecting comparable sales to decline by approximately 20%. The company still expects to close 150 underperforming stores and is targeting at least 100 store closures by the end of 2022.
Analysts at Wedbush provided their views on the company following the earnings announcement. Against this backdrop, the analysts now estimate a $436 million adjusted EBITDA loss for 2022 (vs. prior $314 million loss) and free cash flow of ($1.1) billion (vs. prior ($620) million), driving liquidity to only around $740 million at the end of Q4. The analysts reiterated their Underperform rating and $5 price target on the company’s shares.