Bed Bath & Beyond withdraws annual guidance after weak 3Q
UNION, N.J. (AP) — Bed Bath & Beyond Inc. withdrew its annual financial guidance Wednesday after reporting a weak fiscal third-quarter profit and sales that missed Wall Street expectations.
The housewares retailer’s shares dropped 8% in extended trading.
The latest results reflect the challenges facing the chain’s new CEO Mark Tritton, who came on board in early November to spearhead a reinvention.
“Our performance in the third quarter was unsatisfactory and underscores the imperative for change and strengthens our sense of priorities and purpose,” said Tritton, formerly chief merchandise officer at Target Corp.
Bed Bath & Beyond said it was withdrawing its guidance given the “headwinds” its business is facing and Tritton’s ongoing work on the company’s strategy. The Union, New Jersey-based company reported a fiscal third-quarter loss of $38.6 million, after reporting a profit in the same period a year earlier.
On a per-share basis, it said lost 31 cents. Losses, adjusted for one-time gains and costs, were 38 cents per share.
The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 3 cents per share.
The home goods retailer posted revenue of $2.76 billion in the period, which also did not meet Street forecasts. Six analysts surveyed by Zacks expected $2.85 billion.
Its stock fell $1.37 to $15.28 in after-hours trading. It has gained 41% in the past year.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BBBY at https://www.zacks.com/ap/BBBY