Bed Bath & Beyond shares tumbled Thursday, after the retailer reported a quarterly sales decline of 5% from a year earlier, citing the sale of noncore assets like Cost Plus World Market and ongoing store closures that are part of its bigger turnaround plans.
The stock was down more than 13% in premarket trading.
Same-store sales for its entire business, which includes Buy Buy Baby and Harmon Face Values, rose 2%, climbing for the second consecutive quarter. Digital sales soared 77% from a year ago, fueled by online growth of 94% at Bed Bath’s namesake banner.
Many Americans have been staying at home during the Covid pandemic, prompting them to do more cooking, cleaning, organizing and…