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MarketWatch MarketPulseOct 01, 2020
Bed Bath & Beyond shares soar 28% after reporting first comp sales growth since fiscal 2016
Bed Bath & Beyond Inc. stock soared 28.6% in Thursday trading after second-quarter earnings and sales beat expectations. The home goods retailer reported net income of $217.9 million, or $1.75 per share, after a loss of $138.8 million, or $1.12, last year. Adjusted EPS of 50 cents was well ahead of the FactSet consensus, which was for a loss of 30 cents per share. Sales of $2.69 billion were down from $2.72 billion last year, but ahead of the FactSet consensus for $2.63 billion. Comparable sales grew for the first time since the fourth-quarter of fiscal 2016, up 6%. FactSet forecast a 2.1% decline. And digital sales growth was 89%. During the quarter, the company generated more than $750 million in cash flow, reduced debt by $500 million and brought its liquidity up to $2.2 billion through cash and a new $850 million secured asset-based lending facility. Bed Bath & Beyond didn't provide guidance due to the ongoing uncertainty of the coronavirus pandemic, but expects to achieve the goals laid out in its restructuring program, including annualized EBITDA improvement of $250 million to $350 million, excluding one-time costs, cost savings of about $100 million through the closure of 200 stores over the next two years, and about $150 million in savings from 2,800 job cuts. Bed Bath & Beyond shares are up 12.5% for the year to date while the S&P 500 index has gained 4.5% for the period.

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MarketWatch MarketPulseOct 01, 2020
Coronavirus tally: Global cases of COVID-19 33.9 million, 1.01 million deaths and U.S. death toll nears 207,000
he global tally for confirmed cases of the coronavirus that causes COVID-19 climbed to 33.9 million on Thursday, according to data aggregated by Johns Hopkins University, while the death toll rose to 1.01 million. The U.S. has the highest case tally at 7.2 million, and highest death toll at 206,959. Dr. Anthony Fauci, head of the National Institute for Allergies and Infectious Diseases, hit back at President Donald Trump for misrepresenting his stance on face masks during Tuesday's presidential debate, in an interview with ABC News's "Start Here" podcast. "Anybody who has been listening to me over the last several months knows that a conversation does not go by where I do not strongly recommend that people wear masks," he said. Brazil has the second-highest death toll at 143,952, but third-highest case tally at 4.8 million. India is second to the U.S. by case tally at 6.3 million, and has the third-highest death toll at 98,678. Mexico is fourth with 77,646 deaths and seventh with 743,216 cases. The U.K. has 42,223 deaths and 455,846 cases, the highest death toll in Europe and fifth-highest in the world.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit for more information on this news.

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