Earnings

Bed Bath & Beyond shares fall as store closures weigh on results

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Source: Bed Bath & Beyond

Bed Bath & Beyond reported Wednesday a double-digit decline in fiscal fourth-quarter sales, which were pressured by store closures and divestments from a bigger turnaround plan.

Its shares fell more than 9% in midday trading as investors expected to find clearer signs of progress.

“There are some positive things, but it’s still moving,” said Jessica Ramirez, retail analyst for Jane Hali & Associates. “Knowing the Street, they want these turnarounds quite quickly. By this time, investors want things to be a bit in better shape.”

The big-box retailer reaffirmed a prior sales outlook for the coming fiscal year, noting that positive sales momentum has carried into the…



Source cnbc.com

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