Bed Bath & Beyond stock was falling after disappointing earnings.
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Bed Bath & Beyond (ticker: BBBY) reported an adjusted profit of four cents a share, missing forecasts for 52 cents a share, on sales of $1.99 billion, below forecasts for $2.06 billion.
Bed Bath & Beyond also said it would earn between zero and five cents in the third quarter, below forecasts for 28 cents, and lowered its full-year guidance to a range of $0.70 to $1.10, from $1.40 to $1.55. The company blamed the Covid-19 Delta variant and supply chain issues for the miss.
“While our results this quarter were below expectations, we remain confident in our multi-year transformation,” Bed Bath & Beyond CEO Mark Tritton said in the company’s press release.
Bed Bath & Beyond stock has dropped 29% in premarket trading after the release. Its shares had gained 25% this year through Wednesday’s close, while the
had risen 16% and the
Dow Jones Industrial Average
had advanced 12%.
The company’s management tried to remain upbeat, noting Bed Bath & Beyond’s strong financial position and the progress it has made under Tritton, its new CEO. “While our results this quarter were below expectations, we remain confident in our multi-year transformation,” Tritton said in the company’s earnings release.
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