Bed Bath & Beyond Inc. BBBY came out with second-quarter fiscal 2020 results wherein both the top and bottom lines surpassed the Zacks Consensus Estimate. Results reflect gains from robust digital growth, courtesy of its BOPIS and contactless curbside-pickup facilities. Keeping in these lines, the latest introduction of same-day-delivery service is likely to aid the top line further. Apart from these, stringent cost-cutting actions and strong financial position contributed to quarterly growth.
Moving on, all its stores resumed operations by early July. However, it refrained from providing any fiscal 2020 outlook, given the continued uncertainty of the pandemic.
Q2 in Detail
Bed Bath & Beyond reported adjusted earnings of 50 cents per share for fiscal second quarter, up 47% from 34 cents reported in the year-ago quarter. Moreover, the figure came ahead of the Zacks Consensus Estimate of a loss of 17 cents. This uptick was mainly attributed to improved