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Bed bath and beyond stock1/4/2024 ![]() Laying out the case against them, the suit states: “The defendants, knowing that the information they disclosed was false, took advantage of the inflated stock price and used fraudulent and misleading SEC filings to sell all their shares and options at artificially inflated prices to unsuspecting and innocent public investors and then retained control of the profits.” The lead plaintiff is listed as investor Pengcheng Si. The suit, filed in the United States District Court for the District of Columbia on 23 August, claims that the pair provided “materially false statements regarding the financial condition and holding situation” of the home goods company for their financial benefit. They are accused of collaborating in a “fraudulent scheme to artificially inflate the price of Bed Bath & Beyond’s publicly traded stock”. Mr Arnal is cited in the suit along with activist investor and GameStop chairman Ryan Cohen. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines. On the date of publication, Joel Baglole did not have (either directly or indirectly) any positions in the securities mentioned in this article. How investors such as Ryan Cohen react to the latest financial results could impact Bed Bath & Beyond’s stock in coming days and weeks. If anything, the latest numbers are likely to increase the drama surrounding Bed Bath & Beyond, its stock, and its ongoing efforts to transform itself into more of an e-commerce company. What’s Next for Bed Bath & BeyondīBBY stock takes a pounding today following its weak financial results and lack of forward guidance. The latest financial results are not likely to inspire confidence in Cohen and other BBBY shareholders. ![]() The retailer recently struck a deal with Cohen, agreeing to add new board members and explore whether it should spin off or sell its BuyBuy Baby brand, which has been one of the company’s top-performing units. And the company has been targeted by activist investor Ryan Cohen, the chairman of GameStop, who has been critical of the progress made to date and called for accelerated changes at Bed Bath and Beyond. The company has been investing heavily in technology, welcoming back customers with targeted emails, and expanding its more profitable private label business.Īt the same time, BBBY stock has been drawn into meme stock rallies along with other retailers such as GameStop (NYSE: GME). The company is struggling to transform itself and move more of its sales online and away from its brick-and-mortar retail network. The latest earnings miss comes at a sensitive time for Bed Bath & Beyond. The company declined to provide forward guidance. In a news release, Bed, Bath & Beyond said that out-of-stock merchandise caused the company to miss out on $175 million in sales during the quarter. The company said its same-store sales dropped 12% compared to a year ago. That fell short of analyst expectations for sales of $2.07 billion. ![]() Analysts surveyed by Refinitiv had expected earnings per share of 3 cents.īed Bath & Beyond’s revenue fell 22% in the quarter to $2.05 billion from $2.62 billion a year earlier. Excluding one-time items, the company said that it lost 92 cents a share. ![]() This is a sharp turn from net income of $9 million or 8 cents per share a year earlier. The retailer that focuses on items for the home reported that its fiscal fourth-quarter net loss grew to $159 million, or $1.79 per share.
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