Consumers exit a Mattress Bathtub & Past retailer in New York.
Michael Nagle | Bloomberg | Getty Photographs
Shares of Bed Bath & Beyond fell 26% on Tuesday after the house furnishing retailer mentioned gross sales within the first two months of the ultimate quarter have been hit by elevated promotions, falling retailer visitors and stock administration points.
The corporate mentioned same-store gross sales for December and January fell 5.4%. Analysts on common have been anticipating a drop of three.97% for the fourth quarter, in response to IBES knowledge from Refinitiv.
“We’re experiencing short-term ache in our efforts to stabilize the enterprise, together with the pressures of retailer visitors developments coupled with our personal executional challenges,” Chief Govt Officer Mark Tritton mentioned.
The corporate mentioned product availability main into the vacation interval was additionally a contributing issue, as stock inside sure classes was too low or out-of-stock.
Mattress Bathtub & Past is about to report its fourth-quarter earnings on April 15.
Shares of the corporate, which rose about 53% in 2019, fell to $11 in prolonged buying and selling.