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Bed Bath & Beyond (BBBY) -24% after fiscal Q2 misses
Bed Bath & Beyond (BBBY) shares plunged on Thursday after a challenging trading environment during the summer hit its quarterly earnings and revenue.
Bed Bath & Beyond (BBBY) shares cratered 24% in Thursday’s trading after the American home product retailer’s Q2 report missed the mark following a sharp decline in footfall at stores during the late summer.
Wall Street had Bed Bath & Beyond pegged at $0.52 earnings and $2.06bn revenue for the three months to 31st August, but it came in with figures of just $0.04 and $1.98bn early on Thursday.
The New Jersey-based company put the blame for the lacklustre showing on “unprecedented supply chain challenges” and a drop in shoppers visiting stores following concerns about the spread of the Delta COVID-19 variant in several big states.
CEO Mark Tritton admitted that the latest report fell short of expectations but expressed confidence in his firm’s “multi-year transformation’.
He added: “Following solid growth in June, we saw unexpected, external disruptive forces towards the end of the quarter that impacted our outcome.”
There doesn’t seem to be much momentum for Q3 though as Bed Bath & Beyond guided for $0 to $0.05 per share earnings and up to $2bn revenue.
This again underwhelmed as analysts had expected $0.28 earnings and $2.02bn in group revenues.
The firm offered a lower full-year outlook of $0.70 to $1.10 earnings per share and between $8.1bn and $8.3bn sales.
BBBY has been the centre of attention this year as a ‘meme’ stock, but investors were heading to the sidelines on Thursday as shares plummeted 24% to $16.87 just before midday.
The firm’s woes could also point to struggles for rival retailers, including Target (TGT), Walmart (WMT) and Macy’s (M), the latter of which traded 9% down in New York.
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