Bed Bath & Beyond Plunges as New CEO Pulls Forecast, Clears Deck
Signage is displayed outside a Bed Bath & Beyond Inc. store in Clarksville, Indiana, U.S., on Sunday, Jan. 5, 2020.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
Bed Bath & Beyond Inc.’s new chief executive officer went to a well established play for new corporate leaders: Get the bad news out of the way right away and set expectations low.
The shares plunged 12% to $14.65 in early trading Thursday after the U.S. retailer withdrew its financial guidance following another quarter of declining sales. CEO Mark Tritton, whose recent hiring from retail stalwart Target Corp. was celebrated by investors, said that the “unsatisfactory” performance at Bed Bath & Beyond “underscores the imperative for change.”