Bed Bath & Beyond falls on ‘sales doldrums’

Bloomberg

Bed Bath & Beyond Inc fell sharply after reporting that a key measure of sales contracted in December and January, the latest sign the home-furnishings retailer faces a tough road back to growth.
“We are experiencing short-term pain in our efforts to stabilise the business, including the pressures of store traffic trends,” Chief Executive Officer Mark Tritton said in a statement.
Comparable-store sales, an important gauge of retail success, fell 5.4% in the most recent months, the company said. It attributed this to lower store traffic and “inventory management issues.”
The stock plunged as much as 17% to $12.30 in late trading in New York. The shares have already fallen 14% this year through February 11’s close.