Bed Bath & Beyond's turnaround isn't working yet. Shares are down 25% [CNNMoney.com]
Bed Bath & Beyond Inc. (BBBY)
Last bed bath & beyond inc. earnings: 4/15 04:15 pm
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Source: CNNMoney.com
Bed Bath & Beyond's turnaround isn't working yet. Shares are down 25% New York (CNN Business) Bed Bath & Beyond's stock tanked Wednesday after the company said holiday sales fell short of its expectations and that it was having trouble stabilizing the business. Bed Bath & Beyond ( BBBY ) said sales at stores open for at least a year — a key metric of the retailer's health — fell 5.4% during the holidays. Decreased foot traffic to stores, inventory management issues and increased promotions led to the decline, the company said. Bed Bath & Beyond had too few products on the shelves and was out-of-stock on key items during the holidays. Bed Bath & Beyond's stock dropped 25% in early trading Wednesday. "We are experiencing short-term pain in our efforts to stabilize the business, including the pressures of store traffic trends coupled with our own executional challenges," CEO Mark Tritton said in a statement Tuesday. The company has struggled over the past several year
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