"After several encouraging steps forward, Bed Bath & Beyond took a big step back in Q2," Fadem said in a note to clients. Other retail stocks, including department store chains Nordstrom and Macy's, were trading lower Thursday.Īccording to Wells Fargo retail analyst Zachary Fadem, Bed Bath & Beyond's hiccups in the second quarter "undeniably casts doubt" on the company's ability to deliver on its multi-year turnaround roadmap. In fact, Bank of America just took its rating for Kohl's stock down two notches, to underperform from buy, citing the potential impact of bottlenecks that could hurt the company's ability to get inventory on store shelves. It could spell trouble for rivals such as Target, Walmart and Kohl's, which have yet to report results for the back-to-school period. That means not as many shoppers showed up during what is normally a busy back-to-school season for retailers such as Bed Bath & Beyond. In states such as Florida, Texas and California, which account for a substantial chunk of sales, the business was hurt due to the rising number of coronavirus cases in the region, Tritton said. Tritton explained that as Covid-19 fears reemerged amid the spreading delta variant, the environment became more challenging to work through. In its prior quarter, it appeared as if those efforts were paying off and momentum was building in the business.īut over the summer months, that progress stalled. Personal Loans for 670 Credit Score or Lowerīed Bath & Beyond has been remodeling its stores and launching in-house brands that sell everything from bath towels to cooking utensils to dorm decorations. However, as of 22 November, the stock is changing hands at 3.17: down nearly 80 YTD and down nearly 90 from the August peaks. It now expects net sales between 8.1 billion and 8.3 billion, compared to. As a result, Bed Bath & Beyond slashed its full-year guidance. Personal Loans for 580 Credit Score or Lower Bed Bath & Beyond stock performance, data by YCharts. Best Debt Consolidation Loans for Bad Credit
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