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Bloomberg
Bed Bath & Beyond reported a tenth straight quarter of falling sales, but assured investors it’s making progress towards stabilsation and an organisational overhaul. The shares bounced between losses and gains in late trading.
Same-store sales, an important measure for retailers, fell 6.7% in the company’s second quarter. That’s more than analysts’ average estimate for a 5.3% decline, according to Consensus Metrix.
The company cut its forecast for net earnings this year to between $2.08 and $2.13 a share, compared with its previous outlook at the lower end of $2.11 to $2.20 a share.
The company remains under pressure to overhaul of its operations.
“We are making good progress†on short-term priorities, interim CEO Mary Winston said.