Bed Bath & Beyond Is Still Floundering
Bed Bath & Beyond (NASDAQ: BBBY) struggled mightily in fiscal 2018, and the home furnishings giant started this year on the wrong foot, too. Comparable store sales fell 6.6% in the first quarter of fiscal 2019, causing adjusted earnings per share to plunge to $0.12 from $0.38 in the prior-year period.
Nevertheless, following the disappointing first-quarter results, management reiterated its forecast that adjusted earnings per share would grow modestly in fiscal 2019. However, Bed Bath & Beyond's turnaround plan is gaining traction at a very slow pace, as evidenced by its weak performance in the second quarter. This has left the company in a perilous position in the event of further setbacks to its business.
Last Wednesday, Bed Bath & Beyond released its Q2 earnings report, and the results weren't impressive. Comparable store sales fell 6.7% -- roughly in line with the company's first-quarter performance -- and total sales declined 7.3% to $2.7 billion.
Source Fool.com
