Bed Bath & Beyond Inc. shares plunged to a four-month low Wednesday after it said holiday sales slumped and profit margins narrowed as new CEO Mark Tritton attempts to revive the struggling home furnishings retailer.
Bed Bath & Beyond said comparable sales for the first two months of its fiscal fourth quarter, which ends in February, fell 5.4% from last year, which Tritton put down to a lack of inventory in key categories. Gross margins narrowed by around 3%, the company added in an ad-hoc update after the close of trading Tuesday, thanks in part to promotional sales designed to win back market share from rivals. . . . more