Bed Bath & Beyond Inc. (NASDAQ:BBBY) stock fell 3.89% (As on Apr 14, 1:11:00 AM UTC-4, Source: Google Finance) after the company missed the analysts’ expectations for the fourth quarter of FY 21.

BBBY in the fourth quarter of FY 21 has reported the adjusted loss per share of 92 cents, missing the analysts’ estimates for the adjusted earnings per share of 3 cents. The company had reported 22 percent decline in the adjusted revenue to $2.05 billion in the fourth quarter of FY 21, missing the analysts’ estimates for revenue of $2.07 billion. This is due to a (8)% decline related to a planned reduction from non-core banner divestitures and a Core Sales decline of (14)% Core Net Sales decline primarily due to the impact of fleet optimization and Comparable Sales. Comparable Sales decline of (12)% versus Q4 2020 and a decline of (8)% versus Q4 2019 is on back of Bed Bath & Beyond banner Comparable Sales decline of (15)%; buybuy BABY banner growth of +low-single digits and normalizing demand within e-commerce versus last year impacted both Bed Bath & Beyond and buybuy BABY, as Comparable Sales declined (18)% in the digital channel. Buybuy BABY Comparable Sales was of positive low-single digits fueled by mid-teens growth in store.

Additionally, the company generated Cash Flow from Operations of approximately $0.3 billion and Free Cash Flow of $0.2 billion. The completion of $1 Billion share repurchase program ahead of Fiscal 2023 plans, reflecting $230 million of repurchases in Q4 2021 and $40 million in March 2022. The company continues to demonstrate strong liquidity with cash, cash equivalents, restricted cash and investments of $0.5 billion in the fiscal 2021 fourth quarter and Total Liquidity4 of approximately $1.4 billion

For fiscal 2022, the company expects sequential comparable sales improvement to occur in the second half of fiscal 2022 versus the first half of fiscal 2022 based on anticipated improvement in supply chain conditions. Adjusted Gross Margin is expected to expand modestly versus last year based on improvement in the second half of fiscal 2022. Adjusted SG&A expense is projected to be approximately flat to last year; $100 million optimization plan aims to offset inflation as previously announced. Higher Adjusted EBITDA is expected versus last year for the second half of fiscal 2022 based on the aforementioned Comparable Sales and Adjusted Gross Margin commentary.