Bed Bath & Beyond (NASDAQ:BBBY) news for Wednesday concerning a sales update isn’t doing BBBY stock any favors.
A Bed Bath & Beyond news release reveals that the company hasn’t been seeing stellar sales during the first two months of its fiscal fourth quarter of 2019. This includes its comparable sales decreasing by 5.40%.
According to Bed Bath & Beyond, the comparable sales drop isn’t as bad as it could be. The company got some help from Cyber Monday during Q4. That’s worth noting as Cyber Monday took place in Q3 during 2018.
When taking out the benefit of Cyber Monday, the comparable sales during the fourth quarter of 2019 look much worse. Bed Bath & Beyond notes that this comes in at a 13% drop from the same time last year.
If there’s one bright spot from the Bed Bath & Beyond news release, it’s that comparable digital sales were up 20% during the first two months of Q4. Then again, that doesn’t exclude the shift of Cyber Monday to the fourth quarter.
Here’s what Bed Bath & Beyond President and CEO Mark Tritton says about the BBBY stock news.
“We are experiencing short-term pain in our efforts to stabilize the business, including the pressures of store traffic trends coupled with our own executional challenges. However, we did achieve a notable positive shift in sales in our digital channels during this period, with growth of approximately 20%.”
Bed Bath & Beyond will be releasing its earnings report for its fiscal fourth quarter of 2019 on April 15, 2020.
BBBY stock was down 20.00% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.