After a grim series of events, Bed Bath & Beyond needs nothing less than a holiday miracle. The question is: Who will deliver it?
Perhaps not the customers. Bed Bath & Beyond’s latest quarter was as cheerless as the company previously telegraphed. The company’s same-store sales declined 26% in its quarter ended Aug. 27 compared with a year earlier, in line with the previous update. Even the normally outperforming buybuy Baby banner saw same-store sales decline by a high-teens percentage compared with a year earlier. Net loss was $366.2 million, nearly three times the number Wall Street analysts had penciled in. The company maintained its outlook for the full fiscal year ending next February, still expecting comparable-store sales to decline roughly 20%.