Bed Bath & Beyond’s fiscal third-quarter sales fell by a third. Its 'survival now looks unlikely,' an analyst said.
Shoppers at a Bed Bath & Beyond in Schaumburg, Ill., Jan. 14, 2021. Bed Bath & Beyond’s fiscal third-quarter sales fell by a third as the home goods company struggles to strike the right balance with its shoppers, a sign of its worsening outlook.
Sales slid 33% to $1.26 billion for the three months ended Nov. 26 from $1.88 billion a year earlier. Sales at stores open at least a year, a key gauge of a retailer’s health, dropped 32%.The company is also burning through cash. It reported roughly $153 million in cash and cash equivalents in the latest quarter, a steep drop from $509 million in the year-ago period.
“We want our customers to know that we hear them and are charging ahead every day to meet their needs,” she said. Stripping out certain items, its adjusted loss was $3.65 per share. Wall Street was calling for a loss of $2.36 per share.
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