Bed Bath & Beyond Inc (NASDAQ: BBBY) shares are trading lower Wednesday after the company reported worse-than-expected financial results and announced a CEO transition.
Bed Bath & Beyond said fiscal first-quarter revenue decreased 25% year-over-year to $1.46 billion, which missed the estimate of $1.54 billion, according to data from Benzinga Pro. The company reported a quarterly adjusted earnings loss of $2.83 per share, which missed the estimate for a loss of $1.39 per share.
Bed Bath & Beyond said it expects a sequential comparable sales recovery in the second half of fiscal 2022 versus the first half of 2022, driven by inventory optimization plans.
Mark Tritton has left his role as president and CEO of the company and Sue Gove will take over as interim CEO. Mara Sirhal was named executive vice president and chief merchandising officer.
"Today's actions address company performance, the macroeconomic conditions under which we are operating, and the expectations of the Board on behalf of shareholders. We are committed to addressing the urgent issues that have been impacting sales, profitability, and cash flow generation," said Harriet Edelman, independent chair of Bed Bath & Beyond.
BBBY Price Action: Bed Bath & Beyond has traded between $39.30 and $5.94 over a 52-week period.
The stock was down 13.5% at $5.65 at press time, according to data from Benzinga Pro.
Photo: Mike Mozart from Flickr.
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