More bad news for household retailer Bed, Bath & Beyond Inc. (NASDAQ:BBBY)
Shares of the troubled company fell sharply after it reported that a key measure of sales contracted in December and January, the latest sign that the home-furnishings retailer faces a tough road back to growth and profitability.
The stock plunged 17% to $12.30 U.S. in early New York trading Wednesday. The shares have already fallen 14% so far this year. Digital sales were a bright spot, growing about 20%. However, same store sales continue to fall at Bed, Bath & Beyond.
The company is still clearing the decks after years of declining and stagnant sales. It follows third-quarter results, released last month, that one analyst dubbed "much worse than expected." Bed Bath & Beyond has struggled to draw shoppers amid a barrage of competition from online retailers, discounters and big-box outlets.
In the quarterly call with investors, the company had flagged ongoing trouble with inventories, uncompetitive prices and a lack of convenience for digital-savvy shoppers.
