Shoppers submit a building housing a Bed Bath & Beyond Inc. store in New York.
Mark Kauzlarich | Bloomberg | Getty Images
Bed Bath & Beyond divisions tanked 19% in regular trading Thursday after the retailer withdrew its fiscal 2019 outlook in after-hours patronage on Wednesday.
The company said that it would reveal its strategic plans in early 2020, leaving investors with itty-bitty guidance on how the company will improve its business.
Bed Bath & Beyond on Wednesday also reported third-quarter earnings and proceeds that fell short of Wall Street’s expectations. Its results were “significantly impacted” by Thanksgiving falling later than old in 2019, resulting in one less week of holiday sales for the retailer, the company said.
Bed Bath & Beyond will hold off closing 20 of its namesake stores as well. The retailer, which also owns Buy Buy Baby and Christmas Tree Inform ons, originally planned to close 60 locations, including 40 Bed Bath & Beyond stores, in fiscal 2019. Bed Bath & Beyond has clumsily 1,500 locations in total.
CEO Mark Tritton, who took the helm in November, called the results “unsatisfactory” in a statement and averred that the company has to create a durable business model for long-term profitable growth.
Bed Bath & Beyond’s sales accept slumped as businesses such as Amazon, Walmart and Target offer consumers speedy shipping and strong e-commerce programmes. Bed Bath & Beyond carries many of the same items as these retail giants, forcing the company to actively up adjustments to its portfolio in order to compete.
-CNBC’s Amelia Lucas and Lauren Thomas contributed to this report.