Bed bath & beyond reports q1 adj loss per share of $1.96 excluding items

Reports results for fiscal 2020 first quarter.q1 adjusted loss per share $1.96 excluding items.q1 loss per share $2.44.q1 earnings per share estimate $-1.21 -- refinitiv ibes data.q1 sales $1.3 billion versus refinitiv ibes estimate of $1.34 billion.quarter-end cash and investments of approximately $1.2 billion.bed bath & beyond - q1 net sales decreased 49% due to temporary store closures.bed bath & beyond - q1 net sales from digital channels grew 82% and represented nearly two-thirds of total net sales.bed bath & beyond - plans to close about 200 mostly bed bath & beyond stores over next 2 yrs under real estate and fleet optimization strategies.bed bath & beyond - expects actions from cost restructuring program to generate future annualized savings of between $250 and $350 million.ended q1 with approximately $1.2 billion in cash and investments.bed bath & beyond - annualized savings of between $250 million and $350 million are excluding one time costs.bed bath & beyond - not providing financial guidance for 2020 due to continued uncertainty related to impact of covid-19 pandemic.nearly all stores now open.bed bath & beyond - not reporting qtrly comparable sales due to temporary store closures.bed bath & beyond - believes it has a strong financial position to manage through these uncertain times.
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