Why Bed Bath & Beyond Stock Was Slipping Today
Shares of Bed Bath & Beyond (NASDAQ: BBBY) were pulling back today after the struggling home furnishings retailer issued a disappointing second-quarter earnings report. Bed Bath & Beyond continued to see sales erode in the quarter as comparable sales fell 26% and revenue dove 28% to $1.44 billion, missing analyst estimates at $1.47 billion. Adjusted gross margin was down sharply from 34% to 27.7% as the company has been aggressive in marking down merchandise due in part to higher-than-normal inventory levels.
