Products You May Like
Customer shopping in a Bed Bath & Beyond store
Courtesy: Bed Bath & Beyond
Bed Bath & Beyond shares tumbled nearly 10% in premarket trading Thursday after the home goods retailer missed analysts’ expectations for fiscal third quarter.
Chief Executive Mark Tritton said a lack of inventory due to supply chain bottlenecks cost Bed Bath & Beyond about $100 million. Issues escalated during December, he said.
Here’s how the retailer did in the three-month period ended Nov. 27 compared with what analysts were anticipating, using Refinitiv data:
- Loss per share: 25 cents vs. breakeven results expected
- Revenue: $1.88 billion vs. $1.95 billion expected
Bed Bath & Beyond shares closed Wednesday down 10.8%. The stock has fallen about 32% from a year ago.
Find the full earnings press release from Bed Bath & Beyond here.
This story is developing. Please check back for updates.
This article was originally published by Cnbc.com. Read the original article here.