Bed Bath & Beyond Suffers Third Quarter Loss

Bed Bath & Beyond Inc. recorded net sales of $1.259 billion for the third quarter of fiscal 2022, a sales decline of 33 per cent compared to net sales of $1.878 billion in the year-ago period. Its gross margin of 22.1 per cent included the negative impact of a shift from owned brands towards national brands. Adjusted earnings before taxes for the third quarter were $225 million, reflecting lower net sales and lower adjusted gross margin. The company had a net loss of $392,966 for the quarter compared to a net loss of $276,429 last year.