Bed Bath & Beyond Inc. (BBBY - Get Report) 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.
Want to Buy $1 Worth of Stock for 90 Cents or Less? You can with certain so-called "closed-end" mutual funds - an often overlooked investment class. Click here to register for a free online video in which TheStreet's retirement expert Robert Powell and an all-star panel tell you all you need to know. The webinar is sponsored by Nuveen.