The company is raising comparable sales expectations for the second through fourth quarters of fiscal 2021 to the low-single digit growth range versus its previously communicated expectation for flat comparable sales growth. This compares to the company's robust sales performance during the second through fourth quarters of fiscal 2020, it said in a press release.

Bed Bath & Beyond is also increasing its adjusted EBITDA expectation for FY2021 to a range of $520 million to $540 million from $500 million to $525 million and re-introduces a full fiscal 2021 adjusted EPS range of $1.40 to $1.55.

As for Q2 FY2021, the company expects to achieve adjusted gross margin in the range of 35-36 per cent. This represents a sequential improvement versus the 2021 fiscal first quarter primarily driven by continued assortment curation and a higher penetration of the company's owned brands. Additionally, this expectation reflects the on-going, year-over-year impact of higher, industry-wide freight costs.

Bed Bath & Beyond reported 49 per cent sales growth to $1.9 billion in its Q1 FY21 that ended on May 29, 2021, compared to the sales of $1.3 billion in the corresponding period of previous fiscal. The company’s net loss for the quarter reduced to $50.8 million (Q1 FY20: $302.3 million), the release said.

Fibre2Fashion News Desk (KD)