Why Bed Bath & Beyond Stock Tanked Today
Bed Bath & Beyond (NASDAQ: BBBY) reported its second-quarter financial results today, and there was no way to put a positive spin on the release. Investors grasped that fact quickly and tanked the stock in Thursday-morning trading. As of 11:45 a.m. EDT, the company's shares were down 24% after having bottomed with a drop of more than 29% earlier in the session.
The retailer reported a net loss of $0.72 per share on revenue of $1.99 billion. Adjusted earnings were $0.04 per share compared to analyst expectations of $0.52 per share. Revenue also missed expectations by more than $70 million and represented a 26% drop compared to the prior-year period. It wasn't just analyst expectations that were missed -- the company didn't meet its own estimates for the quarterly period, blaming "external disruptive forces."
Source Fool.com
