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BBBY crash continues, the stock dips below $5

Shares of the home goods retailer Bed Bath & Beyond (NASDAQ: BBBY) plunged more than 20% on Wednesday following the release of disappointing first-quarter earnings results.

BBBY crash continues, the stock dips below $5

Shares of the home goods retailer Bed Bath & Beyond (NASDAQ: BBBY) plunged more than 20% on Wednesday following the release of disappointing first-quarter earnings results. $BBBY dropped by 24% on Wednesday during regular trading, closing at $4.99 per share. The retailer reported a net loss of $358 million in its latest quarter, more than 7 times worse than a year ago.

  • Loss per share (EPS): $2.83 vs. $1.39 expected

  • Revenue: $1.46 billion vs. $1.51 billion expected

The company announced on Wednesday that CEO Mark Tritton is leaving the company and the board, effective immediately. The firm has appointed independent board director Sue Gove as interim CEO replacing Mark Tritton.

“I step into this role keenly aware of the macro-economic environment. In the quarter there was an acute shift in customer sentiment and, since then, pressures have materially escalated. This includes steep inflation and fluctuations in purchasing patterns, leading to significant dislocation in our sales and inventory that we will be working to actively resolve,” Sue Gove said.

During the last quarter, the company's sales have plunged by 25 per cent compared with a year ago to $1.5 billion with a net loss of $358 million. Bank of America analysts expect sales to plunge another 20% this quarter. And a new report from Bank of America claims that the company has cut air conditioning in an effort to quickly lower expenses to make up for a slump in sales.

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