Bed Bath & Beyond Inc. stock took a 24.5% nosedive in Thursday trading after COVID-19-related closures drove wider-than-expected losses and steep sales declines, but analysts are upbeat about the path forward for the troubled home retailer.
Bed Bath & Beyond
reported a fiscal first quarter adjusted loss of $1.96 per share and a 49% sales decline to $1.31 billion. The FactSet consensus was for a loss of $1.27 per share and sales of $1.39 billion.
June sales fell just 7%, according to Gustavo Arnal, Bed Bath & Beyond’s chief financial officer, who spoke on the Thursday earnings call. And year-over-year digital growth was…