Why Bed Bath & Beyond Stock Was Falling Today
Bed Bath & Beyond (NASDAQ: BBBY) was a stock market laggard on Wednesday. In late afternoon trading, the specialty retailer's share price was down marginally (by 0.3%) on a day when the S&P 500 index was trading well higher. The culprit was the company's latest set of quarterly results.
For the fourth quarter of its fiscal 2021, which ended Feb. 26, Bed Bath & Beyond posted net sales of $2.05 billion, which was down a steep 22% from the same period of the previous year. Comparable sales also declined although not as badly, sliding by 12%. The story was similarly grim on the bottom line, on which the company flipped to an $82 million ($0.92 per share) loss, from the year-ago profit of $47 million.
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Source Fool.com
