Bed Bath & Beyond Inc. (BBBY) was a Wall Street dog Thursday, Sept. 27, falling more than 22% after the specialty retailer slashed its sales and profit forecast for the year because of the impact of Donald Trump's tariffs on Chinese-made goods.
The company also reported a 0.6% decline in same-store sales, compared to a Wall Street estimate that called for a 0.3% increase.
"Regarding tariff, everything we know today about the impact on our business we've built into the back half. For us, our direct imports from China represent a relatively small number of business," Chief Financial Officer Robyn D'Elia told analysts on a conference call late Wednesday. "And we're just -- we're continuing to learn things through domestic vendors and we'll continue to learn about that into the future. And we're considering all of our options in terms of mitigation strategies. But again, it's all built into the model that we provided."
Other specialty retailers are mixed on the news as investors weigh the prospect of Chinese tariffs weighing on companies' bottom lines.
Shares of Best Buy Co. Inc. (BBY) were down 0.67%.
Shares of Kohl's Corp. (KSS) fell 0.52%.
Shares of Dollar Tree Inc. (DLTR) fell 2.2%.
Shares of Lowe's Cos. (LOW) rose 0.25%.
Shares of Home Depot Inc. (HD) fell 0.35%.
Macy's Inc. (M) shares were down 0.5%.
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