Shares of Bed Bath & Beyond (BBBY) - Get Report fell sharply in after-hours trading Wednesday after the retailer posted an unexpected loss and said it was withdrawing its full-year guidance because of weakness in the current quarter.
The stock fell $2, or 12% to $14.65 in after-hours trading.
Bed Bath & Beyond posted an adjusted fiscal third-quarter loss of 38 cents a share, vs. analyst estimates of a profit of 2 cents a share for the period. Revenue came in at $2.76 billion vs. expectations of $2.85 billion.
The company withdrew its full-year guidance, saying it expects sales and profitability “to remain pressured” during the current quarter.
"Our performance in the third quarter was unsatisfactory,” said the company’s recently appointed CEO, Mark Tritton in a statement. “We must respond to the challenges we face as a business, including pressured sales and profitability,” he added. Tritton was named CEO in early October, effective Nov. 4. He was previously executive vice president and chief merchandising officer at Target (TGT) - Get Report.
Bed Bath & Beyond said comparable sales in the fiscal third quarter fell 8.3%, hurt by the late occurrence of Thanksgiving. Adjusting for the calendar shift, comparable sales fell 3.6%.