Bed Bath & Beyond shares tumbled nearly 10% in premarket trading 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.
Here’s how the retailer did in the three-month period ended Nov. 27 compared with what analysts were anticipating, using Refinitiv data:
Loss per share: 25 cents vs. breakeven results expected
Revenue: $1.88 billion vs. $1.95 billion expected
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.
Bed Bath & Beyond shares closed Wednesday down 10.8%. The stock has fallen about 32% from a year ago.
Find the full earnings press release from Bed Bath & Beyond here.
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