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Why Bed Bath & Beyond Stock Slumped This Week

TheMotleyFool

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Why Bed Bath & Beyond Stock Slumped This Week: https://g.foolcdn.com/editorial/images/699228/shopping-for-blanket.jpg

Bed Bath & Beyond (NASDAQ: BBBY) stock fell hard this week, dropping 19% through Thursday trading compared to a 2.2% slump in the wider market. Shares are now down 40% so far in 2022, according to data provided by S&P Global Market Intelligence.

The decline was partly driven by general volatility in this meme stock, but a bleak operating update from the management team also didn't help matters.

On Wednesday, the retailer announced yet another strategic shift aimed at putting the business back on a sustainable growth path. This update contained plenty of good news, including aggressive cost cuts and the exiting of unprofitable retailing niches.

Source Fool.com

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