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Hedge Funds Lost Big After Bed Bath and Beyond $BBBY Falls 16%

Chuck Royce’s Royce & Associates Bed Bath & Beyond (BBBY) tumbled 16% in spite of reporting solid numbers for the first quarter. The company reported revenue of $2.2 billion and net earnings of $206 million generating a diluted EPS of 89 cents per share.

The Gross profit margin, however, shrank from 40.64 percent to 39.9 percent as the company had to offer more discounts to get customers into the stores. The market did not take this well given the gloomy outlook painted by the Department of Labor and the lackluster news from the Housing markets.

The following funds had significant holdings and would have lost the most:

1. Columbus Circle Investors – Donald Chiboucis: Lost $19.75 million

2. Royce & Associates –  Chuck Royce: Lost $17.2 million

3. Renaissance Technologies –  Jim Simons: Lost $10.76 million

4. AQR Capital Management – Cliff Asness: Lost $5.1 million

5. Adage Capital Management –  Phill Gross and Robert Atchinson : Lost $3.5 million

DISCLAIMER: These calculations assume that these hedge funds did not increase or reduce their stock positions in BBBY since their last filings. We did not take into account their option positions.

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