Why Shares of Bed Bath & Beyond Are Tanking Today

Shares of retailer Bed Bath & Beyond (NASDAQ: BBBY) tumbled on Wednesday following a second-quarter report that disappointed on all fronts. The company missed analyst estimates for both revenue and earnings, and it slashed its guidance for the full year. The stock was down about 14% at 11:15 a.m. EDT.

Bed Bath & Beyond reported second-quarter revenue of $2.94 billion, down 1.7% year over year and $70 million below the average analyst estimate. Comparable sales slumped 2.6%, with a 20% rise in digital sales unable to fully offset a mid-single-digit decline from stores.

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Source: Fool.com