Bed Bath & Beyond is in a precarious financial position, warns BofA.
Its revenue plunged 25% year over year to $1.46 billion, which missed analysts' expectations by $50 million, as its comparable-store sales tumbled 23%. Its net loss widened from $51 million to $358 million on a GAAP (generally accepted accounting principles) basis. On a non-GAAP basis, it posted a net loss of $225 million, compared to a net profit of $5 million a year earlier, and its net loss of $2.83 per share broadly missed analysts' estimates by $1.44.
Macerich's (MAC) concentration of premium shopping centers in vibrant markets and balance sheet-strengthening moves poise it well for growth, though higher e-commerce adoption is a concern.