The Average Revenue per square foot for Bed Bath & Beyond (NYSE:BBBY) Stores rose from $214 in 2019 to about $270 in 2020. Trefis expects the metric to remain roughly flat in 2021 and grow to about $280 in 2022.
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Growth over 2020 was driven by the Covid-19 pandemic and the stay-at-home trend, which caused demand for domestic merchandise to soar. We expect future growth to be driven by strength in the housing market and an increasing preference for homeownership, versus renting.
While BBBY stock is up over 90% over the last year, we don’t think the projected revenue growth is fully priced into the stock yet. We value BBBY stock at $29 per share, about 20% ahead of the current market price.