Did Bed Bath and Beyond Just Hit Rock Bottom?
As expected, Bed Bath & Beyond's (NASDAQ: BBBY) third-quarter earnings report was an ugly one.
Shares were down more than 20% at one point in after-hours trading, ending the extended session off 9.7% as the retailer missed estimates on both top and bottom lines and withdrew its guidance. New CEO Mark Tritton is attempting to turn around the business after dismissing much of the executive team in December.
Comparable sales in the quarter fell 8.3%, but much of that was due to the shift in the Thanksgiving holiday, costing the company valuable shopping days during the Black Friday weekend, as its third quarter ended on November 30. Adjusting for that shift, comparable sales in the quarter fell 3.6%, and during the five-day period between Thanksgiving and Cyber Monday comparable sales jumped 7.1%, a positive sign -- though that was partly due to the company keeping all of its stores open on Thanksgiving.
Source Fool.com
