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BED BATH & BEYOND INC.

(BBBY)
  Report
Delayed Nasdaq  -  04:00:00 2023-03-24 pm EDT
0.8158 USD   +3.78%
03/24Bed Bath & Beyond Reportedly Slashing 1,300 More Jobs in New Jersey
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03/24Bed Bath & Beyond Reportedly Eliminating 1,300 More Jobs in New Jersey
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03/24Bed Bath & Beyond to cut 1,300 more jobs in New Jersey
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Bed Bath & Beyond announces reverse stock split plan, shares drop

03/17/2023 | 05:15pm EDT
People shop at Bed Bath & Beyond in Michigan

(Reuters) - Bed Bath & Beyond said on Friday it was seeking shareholder approval for a reverse stock split, sending the struggling retailer's shares 13% lower in extended trading.

The company plans to hold a special meeting on March 27 to determine the split at a ratio in the range of 1-for-5 to 1-for-10, with the final ratio to be decided by the board.

The news comes less than two weeks after it was announced that the stock would be removed from the small-cap S&P 600 index, following a near 60% plunge this year as the retailer fights to stave off bankruptcy.

"The board believes that the reverse stock split will likely result in a higher per-share trading price, which is intended to generate greater investor interest in the company," Bed Bath & Beyond said in a regulatory filing.

CEO Sue Gove said the move would enable the company to continue rebuilding liquidity to execute its turnaround plans and better position it financially.

In February, the company said it was planning to raise some $1 billion through an offering of preferred stock and warrants. So far, it has raised $360 million out of the planned total.

Bed Bath & Beyond shot to popularity in the 1990s as a go-to shopping destination for couples making wedding registries and planning for new babies, but it has seen demand dwindle as its merchandising strategy to sell more store-branded products flopped.

(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Devika Syamnath)


ę Reuters 2023
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Analyst Recommendations on BED BATH & BEYOND INC.
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Financials (USD)
Sales 2023 5 582 M - -
Net income 2023 -1 283 M - -
Net Debt 2023 1 791 M - -
P/E ratio 2023 -0,06x
Yield 2023 -
Capitalization 94,8 M 94,8 M -
EV / Sales 2023 0,34x
EV / Sales 2024 0,55x
Nbr of Employees 32 000
Free-Float 22,5%
Chart BED BATH & BEYOND INC.
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Bed Bath & Beyond Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends BED BATH & BEYOND INC.
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus SELL
Number of Analysts 12
Last Close Price 0,82 $
Average target price 1,52 $
Spread / Average Target 85,7%
EPS Revisions
Managers and Directors
Sue E. Gove President, Chief Executive Officer & Director
Holly Felder Etlin Chief Financial Officer
Harriet Edelman Independent Chairman
Scott Lindblom Chief Technology & Digital Officer
Andrea M. Weiss Independent Director
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