Constellation Brands, Bed Bath & Beyond report mixed results for fiscal Q1
- Constellation Brands beats sales estimates but misses on adjusted EPS in Q1.
- Bed Bath & Beyond reports lower than expected adjusted per-share earnings.
- STZ was up about 2% and BBBY gained more than 1% in premarket trading.
Constellation Brands Inc (NYSE: STZ) said on Wednesday its first-quarter sales slightly topped Wall Street estimates. The company, however, marginally missed expectations for adjusted per-share earnings. Constellation Brand shares were about 2% up in premarket trading.
Constellation Brands’ Q1 financial results
Constellation Brands reported $908.1 million of net loss for the quarter that concluded on 31st May. In the same quarter last year, its loss stood at a much narrower $177.9 million. On an adjusted basis, the Fortune 500 company earned $2.33 per share.
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
Constellation Brands generated $2.027 billion of sales in Q1 versus the year-ago figure of $1.963 billion. According to FactSet, experts had forecast the company to post $2.021 billion of sales and $2.35 of adjusted per-share earnings.
For fiscal 2022, Constellation Brands now forecasts $10.00 to $10.30 of adjusted per-share earnings. In comparison, analysts are calling for $10.06 of adjusted EPS. The beer, wine, and spirits company said it will buy back $500 million of its own stock in Q2.
Constellation Brands recently promoted Matt McHargue to senior vice president.
Bed Bath & Beyond Q1 financial results
Bed Bath & Beyond Inc (NASDAQ: BBBY) also reported $50.9 million of net loss for the fiscal first quarter on Wednesday. In the comparable quarter of last year, its loss stood at a higher $302.3 million. On an adjusted basis, the retailer earned 5 cents per share.
Bed Bath & Beyond valued its Q1 sales at $1.954 billion – an increase from $1.307 billion last year. According to FactSet, experts had forecast $1.873 billion of sales and 8 cents of adjusted EPS.
The New Jersey-based company noted an 84% annualised growth in digital sales. Total enterprise comparable sales in the first quarter jumped 3%. BBBY was up more than 1% in premarket trading.
For the full financial year, Bed Bath & Beyond now expects up to $8.4 billion of sales and $1.40 to $1.55 of adjusted EPS. Analysts, on the other hand, are calling for $8.157 billion of sales and $1.45 of adjusted per-share earnings.
Bed Bath & Beyond recently became a meme stock. According to CEO Mark Tritton:
“No one wants to be caught up in that level of volatility. But the upside is it makes people stop and pay attention. This isn’t a meme stock. It’s a transformational company.”