Bed Bath & Beyond Falls the Most in Five Years
- Company also undergoing a painful shake-up of store management
- Chain’s second-quarter earnings fall well short of estimates
Vehicles pass in front of a Bed Bath & Beyond Inc. store in Los Angeles.
Photographer: Patrick T. Fallon/BloombergThis article is for subscribers only.
Bed Bath & Beyond Inc. suffered its worst stock decline in five years after its sales tumbled last quarter and the home-furnishings chain warned that recent hurricanes would take a toll on profit.
Same-store sales fell 2.6 percent in the second quarter, a worse performance than the 0.6 percent drop predicted by analysts. The company also posted earnings that fell far short of Wall Street’s estimates.