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2021-06-30

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Bed Bath & Beyond Inc. Reports Strong First Quarter Results With Sales And Gross Margin Ahead Of Expectations; Transformation Ahead Of Plan<blockquote>Bed Bath&Beyond Inc.公布强劲的第一季度业绩，销售额和毛利率超出预期；超前转型</blockquote>

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Reports Strong First Quarter Results With Sales And Gross Margin Ahead Of Expectations; Transformation Ahead Of Plan<blockquote>Bed Bath&amp;Beyond Inc.公布强劲的第一季度业绩，销售额和毛利率超出预期；超前转型</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1167249015","media":"Tiger Newspress","summary":"Net Sales of $1,954M\nCore Sales Growth of 73%; Comparable Sales Growth of 86%\nGAAP Gross Margin of 3","content":"Net Sales of $1,954M<blockquote>净销售额 19.54 亿美元</blockquote> Core Sales Growth of 73%; Comparable Sales Growth of 86%<blockquote>核心销售额增长73%；可比销售额增长 86%</blockquote> GAAP Gross Margin of 32.4%; Adjusted Gross Margin of 34.9%<blockquote>GAAP毛利率为32.4%；调整后毛利率为34.9%</blockquote> Adjusted EBITDA of $86 Million<blockquote>调整后 EBITDA 为 8600 万美元</blockquote> Raises Full Fiscal Year 2021 Outlook<blockquote>上调 2021 财年完整展望</blockquote> Bed Bath &amp;Beyond Inc.(NASDAQ: BBBY) today reported financial results for the first quarter of fiscal 2021 ended&nbsp;May&nbsp;29, 2021.<blockquote>Bed Bath &amp; Beyond Inc.（纳斯达克股票代码：BBBY）今天公布了截至2021年5月29日的2021财年第一季度财务业绩。</blockquote> <img src=\"https://static.tigerbbs.com/bbde26abbfa8e2d0a0eb617f3b285efe\" tg-width=\"937\" tg-height=\"481\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Bed Bath &amp; Beyond&nbsp;shares&nbsp;surged&nbsp;7%&nbsp;in premarket trading.<blockquote>Bed Bath &amp; Beyond 股价在盘前交易中飙升 7%。</blockquote> <img src=\"https://static.tigerbbs.com/ba5cc7a253c1a20f9a1b0d3f2e6fdbfa\" tg-width=\"924\" tg-height=\"663\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Q1 Highlights<blockquote>第一季度亮点</blockquote> <ul> <li>Core1Sales growth of +73%; Comparable3Sales growth of +86% versus Q1 2020</li> <li>Comparable Sales growth for Total Enterprise +3% compared to Q1 2019</li> <li>Gross Margin of 32.4% and Adjusted2Gross Margin of 34.9%, primarily driven by Owned Brand launches and channel mix shift due to normalized digital penetration versus the COVID-19 period last year</li> <li>Q1 Adjusted2EBITDA of$86 millioninclusive of incremental marketing investments during the quarter</li> <li>Establishes guidance outlook for 2021 second quarter</li> <li>Raises full fiscal year 2021 guidance outlook on Sales and Adjusted2EBITDA; Re-establishes Adjusted EPS guidance</li> </ul> Fiscal 2021 First Quarter Results (March-April-May)<blockquote><ul><li>核心1销售增长+73%；与 2020 年第一季度相比，可比3 销售额增长 +86%</li><li>与2019年第一季度相比，整个企业的可比销售额增长+3%</li><li>毛利率为 32.4%，调整后毛利率为 34.9%，主要是由于与去年 COVID-19 时期相比，数字渗透率正常化导致自有品牌推出和渠道组合转变所致</li><li>第一季度调整后2EBITDA为8600万美元，包括本季度增量营销投资</li><li>制定 2021 年第二季度指导展望</li><li>上调 2021 财年完整销售额和调整后 2EBITDA 指导展望；重新建立调整后的每股收益指引</li></ul>2021 财年第一季度业绩（3 月-4 月-5 月）</blockquote> <ul> <li>Net sales were$1.95 billion, reflecting Core1banner sales growth of 73% compared to the prior year period. Net sales growth versus last year was primarily driven by an increase inBed Bath &amp; Beyondbanner sales.</li> <ul> <li>Net sales included planned reductions of 24% from non-core banner divestitures.</li> </ul> <li>Comparable3sales increased 86% compared to the prior year period, which excludes the impact of the Company's fleet optimization activity. Compared to 2019 fiscal first quarter, total enterprise comparable sales increased 3%, driven by digital sales growth of 84%.</li> <ul> <li>Comparable3sales included an estimated 13% impact from fleet optimization activity when compared to the fiscal 2020 first quarter.</li> </ul> <li>Bed Bath &amp; Beyondbanner sales increased 96% compared to the prior year period as the Company had a significant number of stores closed during the 2020 fiscal first quarter at the onset of the COVID-19 pandemic.</li> <ul> <li>Bed Bath &amp; Beyondbanner sales were driven by growth in its key destination categories, which includes Bedding, Bath,Kitchen Food Prep,Indoor Decor and Home Organization. In total, these categories delivered strong sales growth of more than 100% compared to the 2020 fiscal first quarter and growth of 7% on a comparable sales basis versus the 2019 fiscal first quarter. These categories represented approximately two-thirds of totalBed Bath &amp; Beyondbanner sales in the first quarter.</li> </ul> <li>The buybuy BABY banner continued to deliver positive sales growth with net sales increasing more than 20% compared to the 2020 fiscal first quarter, and an increase of low-single digits on a comparable sales basis versus the 2019 fiscal first quarter. Comparable sales were driven by more than 50% growth in digital.</li> <li>Gross margin was 32.4% for the quarter. Excluding special items from both periods, adjusted2gross margin increased 820 basis points to 34.9%, primarily driven by a favorable product mix from Owned Brand launches as well as a more normalized mix of digital sales coupled with a strong recovery in store sales growth.</li> <li>SG&amp;A expense, on both a GAAP and adjusted basis, decreased significantly compared to the prior year period, primarily due to cost reductions including divestitures of non-core assets and lower rent and occupancy expenses on more efficient stores. This was partially offset by incremental marketing investments to support the Company's \"Home, Happier\" campaign as well as the initial launches of the Company's Owned Brands.</li> <li>Adjusted2EBITDA for the period improved to$86 millioncompared to last year, primarily due to higher sales and adjusted2gross margin expansion, which were partially offset by incremental marketing investments to support the Company's \"Home, Happier\" campaign as well as the initial launches of the Company's Owned Brands.</li> <li>Net loss per diluted share of$0.48includes approximately$56 millionfrom special items. Excluding special items, adjusted2net earnings per diluted share was$0.05. Special items reflect charges such as non-cash impairments related to certain store-level assets and tradenames, loss on sale of businesses, loss on the extinguishment of debt, and charges recorded in connection with the Company's restructuring and transformation initiatives. Restructuring and transformation initiatives includes accelerated markdowns and inventory reserves related to the planned assortment transition to Owned Brands and costs associated with store closures related to the Company's fleet optimization, and the income tax impact of these items.</li> <li>As expected, operating cash flow usage of$28 millionwas in-line with historical first quarter seasonality and working capital needs. Accordingly, free cash flow5was an investment of$102 millionas a result of$74 millionof planned capital expenditures in connection with store remodels, supply chain and IT systems.</li> <li>Inventory reduced by approximately$110 millioncompared to the end of fiscal 2020, was primarily related to seasonal selling and product transitions in preparation for the introduction of the Company's Owned Brands, as well as store closures related to the Company's fleet optimization activity.</li> <li>$130 millionin capital return to shareholders through share repurchases.</li> <li>Cash, cash equivalents, restricted cash and investments balance were approximately$1.2 billion.</li> <li>Total Liquidity4was approximately$1.9 billion, including the Company's asset based revolving credit facility.</li> </ul> Guidance Outlook<blockquote><ul><li>净销售额为 19.5 亿美元，Core1banner 销售额同比增长 73%。与去年相比，净销售额增长主要是由 inBed Bath &amp; Beyondbanner 销售额的增长推动的。</li><ul><li>净销售额包括计划从非核心横幅剥离中减少 24%。</li></ul><li>Comparable3sales 较去年同期增长 86%，这不包括公司车队优化活动的影响。与2019财年第一季度相比，在数字销售增长84%的推动下，企业可比销售总额增长了3%。</li><ul><li>与 2020 财年第一季度相比，Comparable3sales 包括车队优化活动估计 13% 的影响。</li></ul><li>Bed Bath &amp; Beyondbanner 的销售额与去年同期相比增长了 96%，因为该公司在 2020 财年第一季度 COVID-19 大流行爆发时关闭了大量门店。</li><ul><li>Bed Bath &amp; Beyondbanner 的销售额受到其主要目的地类别增长的推动，其中包括床上用品、浴室、厨房食物准备、室内装饰和家居整理。总体而言，与 2020 财年第一季度相比，这些类别实现了超过 100% 的强劲销售额增长，与 2019 财年第一季度相比，按可比销售额计算增长了 7%。这些类别约占第一季度 Bed Bath &amp; Beyondbanner 总销售额的三分之二。</li></ul><li>buybuy BABY横幅继续带来积极的销售增长，与2020财年第一季度相比，净销售额增长了20%以上，与2019财年第一季度相比，在可比销售基础上实现了低个位数的增长。可比销售额由超过 50% 的数字增长推动。</li><li>本季度毛利率为 32.4%。不包括这两个时期的特殊项目，调整后毛利率增加了 820 个基点，达到 34.9%，这主要是由于自有品牌推出的有利产品组合以及更正常的数字销售组合以及商店销售增长的强劲复苏。</li><li>GAAP 和调整后的 SG&amp;A 费用与去年同期相比均大幅下降，这主要是由于成本降低，包括剥离非核心资产以及更高效商店的租金和占用费用降低。这部分被支持公司“家，更快乐”活动的增量营销投资以及公司自有品牌的首次推出所抵消。</li><li>与去年相比，本期调整后2EBITDA改善至8600万美元，主要是由于销售额增加和调整后2EBITDA扩张，但部分被支持公司“家，更快乐”活动的增量营销投资以及公司自有品牌的首次推出所抵消。</li><li>稀释后每股净亏损为 0.48 美元，其中包括来自特殊项目的约 5600 万美元。不包括特殊项目，调整后每股摊薄净收益为 0.05 美元。特殊项目反映了与某些商店级资产和商号相关的非现金减值、业务出售损失、债务清偿损失以及与公司重组和转型计划相关的记录费用等费用。重组和转型举措包括与计划中的产品种类过渡到自有品牌相关的加速降价和库存储备，以及与公司车队优化相关的商店关闭相关的成本，以及这些项目的所得税影响。</li><li>正如预期的那样，2800万美元的运营现金流使用量符合第一季度的历史季节性和营运资金需求。因此，自由现金流5是一项1.02亿美元的投资，这是由于与商店改造、供应链和IT系统相关的7400万美元计划资本支出所致。</li><li>与 2020 财年末相比，库存减少了约 1.1 亿美元，主要与季节性销售和为引入公司自有品牌做准备的产品转型有关，以及与公司车队优化活动相关的商店关闭有关。</li><li>通过股票回购向股东提供 1.3 亿美元的资本回报。</li><li>现金、现金等价物、受限制现金和投资余额约为 12 亿美元。</li><li>总流动性4约为19亿美元，包括公司基于资产的循环信贷额度。</li></ul>指导展望</blockquote> As a reminder,Net Salesthroughout fiscal 2021 include the Company's Core1businesses and reflects planned reductions related to the Company's store fleet optimization activity.<blockquote>提醒一下， 2021 财年的净销售额包括公司的核心业务， 反映了与公司商店车队优化活动相关的计划削减。</blockquote> Fiscal 2021 Second Quarter Outlook<blockquote>2021 财年第二季度展望</blockquote> The Company expects fiscal 2021 second quarterNet Salesof between$2.04 billionto$2.08 billion, which only reflects sales from the Company's Core1businesses.&nbsp;Net Salesalso includes planned sales reductions from the Company's store fleet optimization program of approximately 9% to 10%. On a Comparable Sales basis, the Company expects to achieve growth in the low-single digit range compared to the prior year period.<blockquote>该公司预计 2021 财年第二季度净销售额将在 20.4 亿美元至 20.8 亿美元之间，这仅反映了公司核心业务的销售额。净销售额还包括公司门店车队优化计划的销售额削减约 9% 至 10%。按可比销售额计算，本公司预计较去年同期实现低个位数增长。</blockquote> The Company expects to achieve Adjusted2Gross Margin in the range of 35% to 36%.&nbsp; This represents a sequential improvement versus the 2021 fiscal first quarter primarily driven by continued assortment curation and a higher penetration of the Company's Owned Brands.&nbsp; Additionally, this guidance reflects the on-going, year-over-year impact of higher, industry-wide freight costs.<blockquote>该公司预计调整后毛利率将在35%至36%之间。这代表了与2021财年第一季度相比的连续改善，主要是由于持续的品种管理和公司自有品牌的更高渗透率。此外，这一指导反映了全行业货运成本上升的持续、逐年的影响。</blockquote> The Company expects Adjusted2EBITDA between&nbsp;$150 millionto$160 millionand Adjusted2EPS in the range of$0.48to$0.55for the fiscal 2021 second quarter.<blockquote>该公司预计 2021 财年第二季度调整后 2EBITDA 将在 1.5 亿美元至 1.6 亿美元之间，调整后 2EPS 将在 0.48 美元至 0.55 美元之间。</blockquote> Fiscal Year 2021 Outlook<blockquote>2021 财年展望</blockquote> Based on strong performance in the fiscal first quarter and current expectations for the fiscal second quarter, the Company is raising its fiscal year 2021 guidance outlook.<blockquote>基于第一财季的强劲表现和当前对第二财季的预期，该公司正在上调 2021 财年的指导展望。</blockquote> The Company now expects higher fiscal year 2021 Net Sales of$8.2 billionto$8.4 billionfrom$8.0 billionto$8.2 billion. The Company is raising comparable sales expectations for the second through fourth quarters of fiscal 2021 to the Low-Single Digit growth range versus its previously communicated guidance outlook for Flat comparable sales growth.&nbsp; This compares to the Company's robust sales performance during the second through fourth quarters of fiscal 2020.<blockquote>该公司目前预计 2021 财年净销售额将从 80 亿美元增至 82 亿美元，从 82 亿美元增至 84 亿美元。该公司将2021财年第二至第四季度的可比销售预期上调至低个位数增长范围，而之前传达的可比销售增长持平的指导前景。相比之下，该公司在2020财年第二至第四季度的强劲销售业绩。</blockquote> The Company is also increasing its Adjusted2EBITDA guidance to a range of$520 millionto$540 millionfrom$500 millionto$525 millionand re-introduces a full fiscal year 2021 Adjusted2EPS range of$1.40to$1.55.<blockquote>该公司还将调整后 2EBITDA 指引从 5 亿美元到 5.25 亿美元上调至 5.2 亿美元至 5.4 亿美元，并重新引入 2021 财年调整后 2EPS 范围为 1.40 美元至 1.55 美元。</blockquote> The Company is reaffirming its previously issued guidance for Adjusted2Gross Margin of approximately 35% and Adjusted2SG&amp;A of approximately 31%.<blockquote>该公司重申其之前发布的调整后毛利率约为 35%，调整后 SG&amp;A 约为 31%。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bed Bath & Beyond Inc. Reports Strong First Quarter Results With Sales And Gross Margin Ahead Of Expectations; Transformation Ahead Of Plan<blockquote>Bed Bath&amp;Beyond Inc.公布强劲的第一季度业绩，销售额和毛利率超出预期；超前转型</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBed Bath & Beyond Inc. Reports Strong First Quarter Results With Sales And Gross Margin Ahead Of Expectations; Transformation Ahead Of Plan<blockquote>Bed Bath&amp;Beyond Inc.公布强劲的第一季度业绩，销售额和毛利率超出预期；超前转型</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\nTiger Newspress \n2021-06-30 19:47\n</div>\n</a>\n</h4>\n</header>\n<article>\nNet Sales of $1,954M<blockquote>净销售额 19.54 亿美元</blockquote> Core Sales Growth of 73%; Comparable Sales Growth of 86%<blockquote>核心销售额增长73%；可比销售额增长 86%</blockquote> GAAP Gross Margin of 32.4%; Adjusted Gross Margin of 34.9%<blockquote>GAAP毛利率为32.4%；调整后毛利率为34.9%</blockquote> Adjusted EBITDA of $86 Million<blockquote>调整后 EBITDA 为 8600 万美元</blockquote> Raises Full Fiscal Year 2021 Outlook<blockquote>上调 2021 财年完整展望</blockquote> Bed Bath &amp;Beyond Inc.(NASDAQ: BBBY) today reported financial results for the first quarter of fiscal 2021 ended&nbsp;May&nbsp;29, 2021.<blockquote>Bed Bath &amp; Beyond Inc.（纳斯达克股票代码：BBBY）今天公布了截至2021年5月29日的2021财年第一季度财务业绩。</blockquote> <img src=\"https://static.tigerbbs.com/bbde26abbfa8e2d0a0eb617f3b285efe\" tg-width=\"937\" tg-height=\"481\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Bed Bath &amp; Beyond&nbsp;shares&nbsp;surged&nbsp;7%&nbsp;in premarket trading.<blockquote>Bed Bath &amp; Beyond 股价在盘前交易中飙升 7%。</blockquote> <img src=\"https://static.tigerbbs.com/ba5cc7a253c1a20f9a1b0d3f2e6fdbfa\" tg-width=\"924\" tg-height=\"663\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Q1 Highlights<blockquote>第一季度亮点</blockquote> <ul> <li>Core1Sales growth of +73%; Comparable3Sales growth of +86% versus Q1 2020</li> <li>Comparable Sales growth for Total Enterprise +3% compared to Q1 2019</li> <li>Gross Margin of 32.4% and Adjusted2Gross Margin of 34.9%, primarily driven by Owned Brand launches and channel mix shift due to normalized digital penetration versus the COVID-19 period last year</li> <li>Q1 Adjusted2EBITDA of$86 millioninclusive of incremental marketing investments during the quarter</li> <li>Establishes guidance outlook for 2021 second quarter</li> <li>Raises full fiscal year 2021 guidance outlook on Sales and Adjusted2EBITDA; Re-establishes Adjusted EPS guidance</li> </ul> Fiscal 2021 First Quarter Results (March-April-May)<blockquote><ul><li>核心1销售增长+73%；与 2020 年第一季度相比，可比3 销售额增长 +86%</li><li>与2019年第一季度相比，整个企业的可比销售额增长+3%</li><li>毛利率为 32.4%，调整后毛利率为 34.9%，主要是由于与去年 COVID-19 时期相比，数字渗透率正常化导致自有品牌推出和渠道组合转变所致</li><li>第一季度调整后2EBITDA为8600万美元，包括本季度增量营销投资</li><li>制定 2021 年第二季度指导展望</li><li>上调 2021 财年完整销售额和调整后 2EBITDA 指导展望；重新建立调整后的每股收益指引</li></ul>2021 财年第一季度业绩（3 月-4 月-5 月）</blockquote> <ul> <li>Net sales were$1.95 billion, reflecting Core1banner sales growth of 73% compared to the prior year period. Net sales growth versus last year was primarily driven by an increase inBed Bath &amp; Beyondbanner sales.</li> <ul> <li>Net sales included planned reductions of 24% from non-core banner divestitures.</li> </ul> <li>Comparable3sales increased 86% compared to the prior year period, which excludes the impact of the Company's fleet optimization activity. Compared to 2019 fiscal first quarter, total enterprise comparable sales increased 3%, driven by digital sales growth of 84%.</li> <ul> <li>Comparable3sales included an estimated 13% impact from fleet optimization activity when compared to the fiscal 2020 first quarter.</li> </ul> <li>Bed Bath &amp; Beyondbanner sales increased 96% compared to the prior year period as the Company had a significant number of stores closed during the 2020 fiscal first quarter at the onset of the COVID-19 pandemic.</li> <ul> <li>Bed Bath &amp; Beyondbanner sales were driven by growth in its key destination categories, which includes Bedding, Bath,Kitchen Food Prep,Indoor Decor and Home Organization. In total, these categories delivered strong sales growth of more than 100% compared to the 2020 fiscal first quarter and growth of 7% on a comparable sales basis versus the 2019 fiscal first quarter. These categories represented approximately two-thirds of totalBed Bath &amp; Beyondbanner sales in the first quarter.</li> </ul> <li>The buybuy BABY banner continued to deliver positive sales growth with net sales increasing more than 20% compared to the 2020 fiscal first quarter, and an increase of low-single digits on a comparable sales basis versus the 2019 fiscal first quarter. Comparable sales were driven by more than 50% growth in digital.</li> <li>Gross margin was 32.4% for the quarter. Excluding special items from both periods, adjusted2gross margin increased 820 basis points to 34.9%, primarily driven by a favorable product mix from Owned Brand launches as well as a more normalized mix of digital sales coupled with a strong recovery in store sales growth.</li> <li>SG&amp;A expense, on both a GAAP and adjusted basis, decreased significantly compared to the prior year period, primarily due to cost reductions including divestitures of non-core assets and lower rent and occupancy expenses on more efficient stores. This was partially offset by incremental marketing investments to support the Company's \"Home, Happier\" campaign as well as the initial launches of the Company's Owned Brands.</li> <li>Adjusted2EBITDA for the period improved to$86 millioncompared to last year, primarily due to higher sales and adjusted2gross margin expansion, which were partially offset by incremental marketing investments to support the Company's \"Home, Happier\" campaign as well as the initial launches of the Company's Owned Brands.</li> <li>Net loss per diluted share of$0.48includes approximately$56 millionfrom special items. Excluding special items, adjusted2net earnings per diluted share was$0.05. Special items reflect charges such as non-cash impairments related to certain store-level assets and tradenames, loss on sale of businesses, loss on the extinguishment of debt, and charges recorded in connection with the Company's restructuring and transformation initiatives. Restructuring and transformation initiatives includes accelerated markdowns and inventory reserves related to the planned assortment transition to Owned Brands and costs associated with store closures related to the Company's fleet optimization, and the income tax impact of these items.</li> <li>As expected, operating cash flow usage of$28 millionwas in-line with historical first quarter seasonality and working capital needs. Accordingly, free cash flow5was an investment of$102 millionas a result of$74 millionof planned capital expenditures in connection with store remodels, supply chain and IT systems.</li> <li>Inventory reduced by approximately$110 millioncompared to the end of fiscal 2020, was primarily related to seasonal selling and product transitions in preparation for the introduction of the Company's Owned Brands, as well as store closures related to the Company's fleet optimization activity.</li> <li>$130 millionin capital return to shareholders through share repurchases.</li> <li>Cash, cash equivalents, restricted cash and investments balance were approximately$1.2 billion.</li> <li>Total Liquidity4was approximately$1.9 billion, including the Company's asset based revolving credit facility.</li> </ul> Guidance Outlook<blockquote><ul><li>净销售额为 19.5 亿美元，Core1banner 销售额同比增长 73%。与去年相比，净销售额增长主要是由 inBed Bath &amp; Beyondbanner 销售额的增长推动的。</li><ul><li>净销售额包括计划从非核心横幅剥离中减少 24%。</li></ul><li>Comparable3sales 较去年同期增长 86%，这不包括公司车队优化活动的影响。与2019财年第一季度相比，在数字销售增长84%的推动下，企业可比销售总额增长了3%。</li><ul><li>与 2020 财年第一季度相比，Comparable3sales 包括车队优化活动估计 13% 的影响。</li></ul><li>Bed Bath &amp; Beyondbanner 的销售额与去年同期相比增长了 96%，因为该公司在 2020 财年第一季度 COVID-19 大流行爆发时关闭了大量门店。</li><ul><li>Bed Bath &amp; Beyondbanner 的销售额受到其主要目的地类别增长的推动，其中包括床上用品、浴室、厨房食物准备、室内装饰和家居整理。总体而言，与 2020 财年第一季度相比，这些类别实现了超过 100% 的强劲销售额增长，与 2019 财年第一季度相比，按可比销售额计算增长了 7%。这些类别约占第一季度 Bed Bath &amp; Beyondbanner 总销售额的三分之二。</li></ul><li>buybuy BABY横幅继续带来积极的销售增长，与2020财年第一季度相比，净销售额增长了20%以上，与2019财年第一季度相比，在可比销售基础上实现了低个位数的增长。可比销售额由超过 50% 的数字增长推动。</li><li>本季度毛利率为 32.4%。不包括这两个时期的特殊项目，调整后毛利率增加了 820 个基点，达到 34.9%，这主要是由于自有品牌推出的有利产品组合以及更正常的数字销售组合以及商店销售增长的强劲复苏。</li><li>GAAP 和调整后的 SG&amp;A 费用与去年同期相比均大幅下降，这主要是由于成本降低，包括剥离非核心资产以及更高效商店的租金和占用费用降低。这部分被支持公司“家，更快乐”活动的增量营销投资以及公司自有品牌的首次推出所抵消。</li><li>与去年相比，本期调整后2EBITDA改善至8600万美元，主要是由于销售额增加和调整后2EBITDA扩张，但部分被支持公司“家，更快乐”活动的增量营销投资以及公司自有品牌的首次推出所抵消。</li><li>稀释后每股净亏损为 0.48 美元，其中包括来自特殊项目的约 5600 万美元。不包括特殊项目，调整后每股摊薄净收益为 0.05 美元。特殊项目反映了与某些商店级资产和商号相关的非现金减值、业务出售损失、债务清偿损失以及与公司重组和转型计划相关的记录费用等费用。重组和转型举措包括与计划中的产品种类过渡到自有品牌相关的加速降价和库存储备，以及与公司车队优化相关的商店关闭相关的成本，以及这些项目的所得税影响。</li><li>正如预期的那样，2800万美元的运营现金流使用量符合第一季度的历史季节性和营运资金需求。因此，自由现金流5是一项1.02亿美元的投资，这是由于与商店改造、供应链和IT系统相关的7400万美元计划资本支出所致。</li><li>与 2020 财年末相比，库存减少了约 1.1 亿美元，主要与季节性销售和为引入公司自有品牌做准备的产品转型有关，以及与公司车队优化活动相关的商店关闭有关。</li><li>通过股票回购向股东提供 1.3 亿美元的资本回报。</li><li>现金、现金等价物、受限制现金和投资余额约为 12 亿美元。</li><li>总流动性4约为19亿美元，包括公司基于资产的循环信贷额度。</li></ul>指导展望</blockquote> As a reminder,Net Salesthroughout fiscal 2021 include the Company's Core1businesses and reflects planned reductions related to the Company's store fleet optimization activity.<blockquote>提醒一下， 2021 财年的净销售额包括公司的核心业务， 反映了与公司商店车队优化活动相关的计划削减。</blockquote> Fiscal 2021 Second Quarter Outlook<blockquote>2021 财年第二季度展望</blockquote> The Company expects fiscal 2021 second quarterNet Salesof between$2.04 billionto$2.08 billion, which only reflects sales from the Company's Core1businesses.&nbsp;Net Salesalso includes planned sales reductions from the Company's store fleet optimization program of approximately 9% to 10%. On a Comparable Sales basis, the Company expects to achieve growth in the low-single digit range compared to the prior year period.<blockquote>该公司预计 2021 财年第二季度净销售额将在 20.4 亿美元至 20.8 亿美元之间，这仅反映了公司核心业务的销售额。净销售额还包括公司门店车队优化计划的销售额削减约 9% 至 10%。按可比销售额计算，本公司预计较去年同期实现低个位数增长。</blockquote> The Company expects to achieve Adjusted2Gross Margin in the range of 35% to 36%.&nbsp; This represents a sequential improvement versus the 2021 fiscal first quarter primarily driven by continued assortment curation and a higher penetration of the Company's Owned Brands.&nbsp; Additionally, this guidance reflects the on-going, year-over-year impact of higher, industry-wide freight costs.<blockquote>该公司预计调整后毛利率将在35%至36%之间。这代表了与2021财年第一季度相比的连续改善，主要是由于持续的品种管理和公司自有品牌的更高渗透率。此外，这一指导反映了全行业货运成本上升的持续、逐年的影响。</blockquote> The Company expects Adjusted2EBITDA between&nbsp;$150 millionto$160 millionand Adjusted2EPS in the range of$0.48to$0.55for the fiscal 2021 second quarter.<blockquote>该公司预计 2021 财年第二季度调整后 2EBITDA 将在 1.5 亿美元至 1.6 亿美元之间，调整后 2EPS 将在 0.48 美元至 0.55 美元之间。</blockquote> Fiscal Year 2021 Outlook<blockquote>2021 财年展望</blockquote> Based on strong performance in the fiscal first quarter and current expectations for the fiscal second quarter, the Company is raising its fiscal year 2021 guidance outlook.<blockquote>基于第一财季的强劲表现和当前对第二财季的预期，该公司正在上调 2021 财年的指导展望。</blockquote> The Company now expects higher fiscal year 2021 Net Sales of$8.2 billionto$8.4 billionfrom$8.0 billionto$8.2 billion. The Company is raising comparable sales expectations for the second through fourth quarters of fiscal 2021 to the Low-Single Digit growth range versus its previously communicated guidance outlook for Flat comparable sales growth.&nbsp; This compares to the Company's robust sales performance during the second through fourth quarters of fiscal 2020.<blockquote>该公司目前预计 2021 财年净销售额将从 80 亿美元增至 82 亿美元，从 82 亿美元增至 84 亿美元。该公司将2021财年第二至第四季度的可比销售预期上调至低个位数增长范围，而之前传达的可比销售增长持平的指导前景。相比之下，该公司在2020财年第二至第四季度的强劲销售业绩。</blockquote> The Company is also increasing its Adjusted2EBITDA guidance to a range of$520 millionto$540 millionfrom$500 millionto$525 millionand re-introduces a full fiscal year 2021 Adjusted2EPS range of$1.40to$1.55.<blockquote>该公司还将调整后 2EBITDA 指引从 5 亿美元到 5.25 亿美元上调至 5.2 亿美元至 5.4 亿美元，并重新引入 2021 财年调整后 2EPS 范围为 1.40 美元至 1.55 美元。</blockquote> The Company is reaffirming its previously issued guidance for Adjusted2Gross Margin of approximately 35% and Adjusted2SG&amp;A of approximately 31%.<blockquote>该公司重申其之前发布的调整后毛利率约为 35%，调整后 SG&amp;A 约为 31%。</blockquote>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BBBY":"Bed Bath & Beyond, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167249015","content_text":"Net Sales of $1,954M\nCore Sales Growth of 73%; Comparable Sales Growth of 86%\nGAAP Gross Margin of 32.4%; Adjusted Gross Margin of 34.9%\nAdjusted EBITDA of $86 Million\nRaises Full Fiscal Year 2021 Outlook\nBed Bath &Beyond Inc.(NASDAQ: BBBY) today reported financial results for the first quarter of fiscal 2021 ended May 29, 2021.\n\nBed Bath & Beyond shares surged 7% in premarket trading.\n\nQ1 Highlights\n\nCore1Sales growth of +73%; Comparable3Sales growth of +86% versus Q1 2020\nComparable Sales growth for Total Enterprise +3% compared to Q1 2019\nGross Margin of 32.4% and Adjusted2Gross Margin of 34.9%, primarily driven by Owned Brand launches and channel mix shift due to normalized digital penetration versus the COVID-19 period last year\nQ1 Adjusted2EBITDA of$86 millioninclusive of incremental marketing investments during the quarter\nEstablishes guidance outlook for 2021 second quarter\nRaises full fiscal year 2021 guidance outlook on Sales and Adjusted2EBITDA; Re-establishes Adjusted EPS guidance\n\nFiscal 2021 First Quarter Results (March-April-May)\n\nNet sales were$1.95 billion, reflecting Core1banner sales growth of 73% compared to the prior year period. Net sales growth versus last year was primarily driven by an increase inBed Bath & Beyondbanner sales.\n\nNet sales included planned reductions of 24% from non-core banner divestitures.\n\nComparable3sales increased 86% compared to the prior year period, which excludes the impact of the Company's fleet optimization activity. Compared to 2019 fiscal first quarter, total enterprise comparable sales increased 3%, driven by digital sales growth of 84%.\n\nComparable3sales included an estimated 13% impact from fleet optimization activity when compared to the fiscal 2020 first quarter.\n\nBed Bath & Beyondbanner sales increased 96% compared to the prior year period as the Company had a significant number of stores closed during the 2020 fiscal first quarter at the onset of the COVID-19 pandemic.\n\nBed Bath & Beyondbanner sales were driven by growth in its key destination categories, which includes Bedding, Bath,Kitchen Food Prep,Indoor Decor and Home Organization. In total, these categories delivered strong sales growth of more than 100% compared to the 2020 fiscal first quarter and growth of 7% on a comparable sales basis versus the 2019 fiscal first quarter. These categories represented approximately two-thirds of totalBed Bath & Beyondbanner sales in the first quarter.\n\nThe buybuy BABY banner continued to deliver positive sales growth with net sales increasing more than 20% compared to the 2020 fiscal first quarter, and an increase of low-single digits on a comparable sales basis versus the 2019 fiscal first quarter. Comparable sales were driven by more than 50% growth in digital.\nGross margin was 32.4% for the quarter. Excluding special items from both periods, adjusted2gross margin increased 820 basis points to 34.9%, primarily driven by a favorable product mix from Owned Brand launches as well as a more normalized mix of digital sales coupled with a strong recovery in store sales growth.\nSG&A expense, on both a GAAP and adjusted basis, decreased significantly compared to the prior year period, primarily due to cost reductions including divestitures of non-core assets and lower rent and occupancy expenses on more efficient stores. This was partially offset by incremental marketing investments to support the Company's \"Home, Happier\" campaign as well as the initial launches of the Company's Owned Brands.\nAdjusted2EBITDA for the period improved to$86 millioncompared to last year, primarily due to higher sales and adjusted2gross margin expansion, which were partially offset by incremental marketing investments to support the Company's \"Home, Happier\" campaign as well as the initial launches of the Company's Owned Brands.\nNet loss per diluted share of$0.48includes approximately$56 millionfrom special items. Excluding special items, adjusted2net earnings per diluted share was$0.05. Special items reflect charges such as non-cash impairments related to certain store-level assets and tradenames, loss on sale of businesses, loss on the extinguishment of debt, and charges recorded in connection with the Company's restructuring and transformation initiatives. Restructuring and transformation initiatives includes accelerated markdowns and inventory reserves related to the planned assortment transition to Owned Brands and costs associated with store closures related to the Company's fleet optimization, and the income tax impact of these items.\nAs expected, operating cash flow usage of$28 millionwas in-line with historical first quarter seasonality and working capital needs. Accordingly, free cash flow5was an investment of$102 millionas a result of$74 millionof planned capital expenditures in connection with store remodels, supply chain and IT systems.\nInventory reduced by approximately$110 millioncompared to the end of fiscal 2020, was primarily related to seasonal selling and product transitions in preparation for the introduction of the Company's Owned Brands, as well as store closures related to the Company's fleet optimization activity.\n$130 millionin capital return to shareholders through share repurchases.\nCash, cash equivalents, restricted cash and investments balance were approximately$1.2 billion.\nTotal Liquidity4was approximately$1.9 billion, including the Company's asset based revolving credit facility.\n\nGuidance Outlook\nAs a reminder,Net Salesthroughout fiscal 2021 include the Company's Core1businesses and reflects planned reductions related to the Company's store fleet optimization activity.\nFiscal 2021 Second Quarter Outlook\nThe Company expects fiscal 2021 second quarterNet Salesof between$2.04 billionto$2.08 billion, which only reflects sales from the Company's Core1businesses. Net Salesalso includes planned sales reductions from the Company's store fleet optimization program of approximately 9% to 10%. On a Comparable Sales basis, the Company expects to achieve growth in the low-single digit range compared to the prior year period.\nThe Company expects to achieve Adjusted2Gross Margin in the range of 35% to 36%.  This represents a sequential improvement versus the 2021 fiscal first quarter primarily driven by continued assortment curation and a higher penetration of the Company's Owned Brands.  Additionally, this guidance reflects the on-going, year-over-year impact of higher, industry-wide freight costs.\nThe Company expects Adjusted2EBITDA between $150 millionto$160 millionand Adjusted2EPS in the range of$0.48to$0.55for the fiscal 2021 second quarter.\nFiscal Year 2021 Outlook\nBased on strong performance in the fiscal first quarter and current expectations for the fiscal second quarter, the Company is raising its fiscal year 2021 guidance outlook.\nThe Company now expects higher fiscal year 2021 Net Sales of$8.2 billionto$8.4 billionfrom$8.0 billionto$8.2 billion. The Company is raising comparable sales expectations for the second through fourth quarters of fiscal 2021 to the Low-Single Digit growth range versus its previously communicated guidance outlook for Flat comparable sales growth.  This compares to the Company's robust sales performance during the second through fourth quarters of fiscal 2020.\nThe Company is also increasing its Adjusted2EBITDA guidance to a range of$520 millionto$540 millionfrom$500 millionto$525 millionand re-introduces a full fiscal year 2021 Adjusted2EPS range of$1.40to$1.55.\nThe Company is reaffirming its previously issued guidance for Adjusted2Gross Margin of approximately 35% and Adjusted2SG&A of approximately 31%.","news_type":1,"symbols_score_info":{"BBBY":0.9}},"isVote":1,"tweetType":1,"viewCount":865,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":28,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/153745292"}