Bed Bath & Beyond (NASDAQ:BBBY) stock is falling on Wednesday following the release of its fiscal first-quarter earnings report and news that its CEO is departing.
Let’s start with that earnings report, which includes adjusted earnings per share of -$2.83. That’s worse than Wall Street’s estimate of -$1.39 for the quarter. It’s also a negative switch from the 5 cents per share reported during the same time last year.
In addition to that, the retailer reported revenue of $1.46 billion. Yet again, that comes in below analysts’ estimate of $1.51 billion for the period. It’s also a drop from the company’s revenue of $1.95 billion reported in the fiscal first quarter of 2021.
Bed Bath & Beyond also provides its outlook for fiscal 2022 in the earnings report. It expects further sales recovery in the second half of the year, Adjusted SG&A expense to come in below last year’s, as well as Capital Expenditures of $300 instead of the previous guidance of $400 million.
Adding to all of this is news of president, CEO and board member Mark Tritton leaving the company. Replacing him as interim CEO is independent board member Sue Gove. She also serves as the chair of the board’s Strategy Committee.
Gove said the following in a press release.
We must deliver improved results. Our shareholders, Associates, customers, and partners all expect more. We are committed to providing customers with a one-stop destination to meet their needs through our assortment, experience, and services, whether online or in stores.
BBBY stock is down 19.6% as of Wednesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.