Why Bed Bath & Beyond is only worth $1, according to an analyst
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Why Bed Bath & Beyond is only worth $ane, according to an analyst
Bed Bath & Beyond has entered the retail decease screw that pulled once-proud retail chains such every bit Sears and Circuit City into the grave, according to one annotator.
In a new note to clients on Friday, Loop Capital analyst and vocal Bed Bath & Across critic Anthony Chukumba reiterated a sell rating and $one price target on the stock.
Shares rose 20% as of one:10 p.m. ET in Friday'due south session on connected speculation that Bed Bathroom & Beyond is nearing a capital raise to eternalize its dwindling cash coffers.
But a greenbacks raise won't aid, and the stock is toast, Chukumba said, echoing comments he made to Yahoo Finance Live later the visitor'south dismal earnings written report a few weeks ago.
"We besides uncertainty a new ABL [nugget-backed loan] would brand Bed Bath & Across'southward vendors — who we proceed to worry could place the visitor in a expiry spiral by enervating more onerous payment terms — any more than comfortable well-nigh Bed Bathroom & Beyond's about and long-term prospects," Chukumba said.
A Bed Bath & Beyond spokesman didn't return Yahoo Finance's asking for comment on Chukumba'south latest hot take.
Bed Bath & Beyond in 'a world of injure'
To be sure, Bed Bath & Across qualifies as a true retail disaster story ahead of the holiday shopping season.
In late June, Bed Bath & Beyond announced a quarterly loss of $224 million for its adjusted operating profits. The company ended the quarter with a mere $107 1000000 in cash, which had analysts such every bit Chukumba concerned that vendors will tighten payment terms on the retailer — a move that would only lead to a quicker pace of cash outflow.
The retailer as well said information technology saw aforementioned-store sales crash 27% at its namesake brand in the most recent quarter as shoppers pulled dorsum on discretionary purchases. Shoppers as well continued to shun the retailer after its misguided move to scale back on its popular coupons.
Along with the disastrous results, the company fired its CEO, Mark Tritton, who had joined Bed Bathroom & Beyond in 2019 after a successful stint as Target's chief merchandiser. Board member and retail veteran Sue Gove is now leading the visitor on an interim ground.
The story is so bad that Wall Street is questioning whether the company survives in its current form.
"Bed Bath & Beyond is in a globe of hurt because they accept burned an enormous amount of available cash, their concern has no forrad momentum, and now every bit we all know they have an enormous leadership gap that they will take to make full," Mark Cohen, Columbia Academy professor of retail studies and former long-time CEO of Sears Canada, said on Yahoo Finance Alive. "I would not exist at all surprised if they teeter-totter into a restructuring erstwhile in the start of 2023."
Brian Sozzi is an editor-at-large and ballast at Yahoo Finance . Follow Sozzi on Twitter @BrianSozzi and on LinkedIn .
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