Bed Bath & Beyond Plummets Amid Fourth-Quarter Results
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Bed Bath & Beyond (NASDAQ: BBBY) shares plummeted 8% during premarket trading Wednesday after reporting a plunge in its fiscal fourth-quarter sales. Amid continuous store closures and the selling of assets, the company experienced a double-digit loss.
“There are some positive things, but it’s still moving,” said Jessica Ramirez, a retail research analyst for Jane Hali & Associates. “Knowing the Street, they want these turnarounds quite quickly. By this time, investors want things to be a bit in better shape.”
The retailer reported earnings of USD0.40 per share, compared to the anticipated USD0.31 a share. Revenue amounted to USD2.62 Billion, lower than the expected USD2.63 Billion.