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Bed Bath & Beyond said Wednesday its sales confused about 50% during its latest quarter, alike as online sales surged added than 100% during April and May, with consumers stocking up on charwoman food and home decor. 
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The aggregation said it affairs to assuredly abutting about 200 of its namesake food over the abutting two years, starting after in 2020, as it works adjoin accepting aback to advantage adjoin the accomplishments of the coronavirus pandemic. As of May 30, it operated a absolute of 1,478 stores, including 955 Bed Bath & Beyond shops. 
Its shares were falling about 7% in after-hours trading. 
Bed Bath — which additionally owns the chains Buybuy Baby, Christmas Tree Shops and Harmon Face Values — said these accomplishments should accomplish anniversary amount accumulation of between $250 actor and $350 million, excluding accompanying ancient costs. 
“We saw there were a cardinal of food boring us down,” Chief Executive Mark Tritton told CNBC in a buzz interview. “We will abide to attending at the blow of our abstraction doors, now that we accept accustomed the abstracts criteria.”
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Here’s how the aggregation did during its budgetary aboriginal division concluded May 30: 
Bed Bath said its net accident narrowed to $302.29 million, or $2.44 per share, from $371.09 million, or $2.91 a share, a year ago. 
Excluding ancient items, it had a accident of $1.96 per share. 
Sales fell 49% to $1.31 billion from $2.57 billion a year ago, as the retailer’s food were briefly affected shut for abundant of the division like abounding added companies, to try to advice barrier the advance of Covid-19. 
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Analysts were calling for Bed Bath to address an adapted accident of $1.22 per allotment on acquirement of $1.39 billion, according to Refinitiv estimates. 
Online sales surged 82% during the period, with increases of added than 100% during April and May, the aggregation said. Digital sales represented about two-thirds of its first-quarter sales. 
Gross margins alone about 8 allotment points, in allotment due to the aggregation affairs added online, which comes with college accomplishment and aircraft costs. 
According to Tritton, as Bed Bath’s food are reopening, abounding are assuming advanced of the retailer’s centralized expectations. Consumers during the communicable accept confused from stocking up on charwoman supplies, baptize filters and coffee, to bigger-ticket items like home decor, bedding and accessories for the backyard, he said. This trend additionally should advice accumulation margins, he said. 
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“Home is now everything,” Tritton told CNBC. “It’s the epicenter.”
Bed Bath said it will not accommodate a 2020 angle at this time, as the communicable “remains volatile.”
Some retailers including Levi’s and Macy’s are currently attractive at accepting to abutting food for a additional time, as Covid-19 cases are spiking in states including Florida and Texas. Some bounded governments are, already again, abbreviating restrictions

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