Bed Bath & Beyond (NASDAQ:BBBY) shares tumbled Thursday after the home goods retailer missed analysts’ expectations for the 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.
The company’s net loss grew to $276 million, or $2.78 per share, from a loss of $75 million, or 61 cents a share, a year earlier. Excluding one-time items, it lost 25 cents a share. Analysts surveyed by Refinitv had expected it to breakeven.
Sales fell 28% to $1.88 billion from $2.62 billion a year earlier. That missed estimates for $1.95 billion.
Systemwide same-store sales, a metric that tracks revenue at stores open for at least 12 months, dropped 7%. Analysts surveyed by StreetAccount were forecasting a 0.9% drop.
Said Tritton, "After our previously announced slower start to sales in September and October, we drove a change in trends by November with our comp decline improving, particularly in stores.
"However, overall sales were pressured despite customer demand due to the lack of availability with replenishment inventory and supply chain stresses that had an estimated $100 million, or mid-single digit, impact on the quarter and an even higher impact in December."
Bed Bath & Beyond shares closed Wednesday down 10.8%. The stock has fallen about 32% from a year ago.
BBBY shares gained $1.89, or 14.1%, first thing Thursday to $15.25.
