Bed Bath & Beyond Stock Plunges After Financial Guidance Withdrawn
Things have gone from bad to worse for shares of Bed Bath & Beyond Inc. (NASDAQ:BBBY).
The merchandise retail store saw its share price drop 7% after the company withdrew its financial guidance following another quarter of declining sales. Same-store sales, a key measure for retailers, fell 8.3% in the fiscal third quarter that ended early December. It marked the 11th consecutive decline.
Profit and sales will remain under pressure in the current quarter, Bed Bath & Beyond said in a statement. The company has struggled for years to draw shoppers amid a barrage of competition from online retailers, discounters and big-box stores.
Bed Bath & Beyond’s stock plunged as much as 25% before paring much of the loss after the company’s chief executive officer held a conference call with analysts. The shares rose more than 50% last year after a new CEO was appointed, before giving up much of those gains in recent months.