S&P Global Ratings on Wednesday lowered its issuer credit rating on Bed Bath & Beyond to BB+ from BBB-; the outlook is negative, according to a press release from S&P emailed to Retail Dive.
The retailer's highly promotional stance and the growing expense of its omnichannel services are likely to vex the company in the next 12 to 24 months, S&P said. "We believe the company's competitive position has eroded, as measured by a cumulative double-digit decline in EBITDA and 530 basis points (bps) of erosion in margins over the last two years.". . . more