Buyers enter a constructing housing a Mattress Bathtub & Past Inc. retailer in New York.Mark Kauzlarich | Bloomberg | Getty PhotosBed Bath &
Buyers enter a constructing housing a Mattress Bathtub & Past Inc. retailer in New York.
Mark Kauzlarich | Bloomberg | Getty Photos
Bed Bath & Beyond shares tanked 19% in common buying and selling Thursday after the retailer withdrew its fiscal 2019 outlook in after-hours buying and selling on Wednesday.
The corporate mentioned that it will reveal its strategic plans in early 2020, leaving buyers with little steering on how the corporate will enhance its enterprise.
Mattress Bathtub & Past on Wednesday additionally reported third-quarter earnings and income that fell wanting Wall Road’s expectations. Its outcomes had been “considerably impacted” by Thanksgiving falling later than common in 2019, leading to one much less week of vacation gross sales for the retailer, the corporate mentioned.
Mattress Bathtub & Past will delay closing 20 of its namesake stores as properly. The retailer, which additionally owns Purchase Purchase Child and Christmas Tree Retailers, initially deliberate to shut 60 areas, together with 40 Mattress Bathtub & Past shops, in fiscal 2019. Mattress Bathtub & Past has roughly 1,500 areas in whole.
CEO Mark Tritton, who took the helm in November, referred to as the outcomes “unsatisfactory” in an announcement and mentioned that the corporate has to create a sturdy enterprise mannequin for long-term worthwhile development.
Mattress Bathtub & Past’s gross sales have slumped as companies similar to Amazon, Walmart and Target supply shoppers speedy delivery and robust e-commerce…