Joe Costigan, Director of Equity Research at Bryn Mawr Trust Company, says his firm looks to invest in businesses that have consistently performed well over time, and that Bed Bath & Beyond Inc. (BBBY) is one of those.
“We like Bed Bath & Beyond because they are conservatively financed; most of their assets are in form of inventory; they mitigate balance sheet risk by leasing their stores; and they have demonstrated an ability to put competitors out of business,” Costigan said.
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While is firm is generally wary of brick-and-mortar retailers, Costigan believes the trend toward online retailing will take years, and while that plays out, strong competitors like Bed Bath & Beyond will see continued success.
“Bed Bath & Beyond will be able maintain market share and their cash flow,” Costigan said. “Consequently we view BBBY as a business that is both conservatively financed and has a demonstrated ability to grow.”
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