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Bed Bath & Beyond shares plunge as the company warns of deeper financial problems




A Bed Bath & Beyond store is seen on June 29, 2022 in Miami, Florida.

Joe Raedle | Getty Images News | Getty Images

Bed Bath & Beyond warned on Thursday that it is struggling to attract customers and boost sales, contributing to widening losses and deepening financial problems for the beleaguered home goods retailer.

The retailer also issued a “going concern”[ads1];, a warning that in the coming months it is unlikely to have cash to cover expenses, such as leases or payments to suppliers. The company said it is exploring financial options, including filing for bankruptcy.

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Bed Bath & Beyond shares plunge as the company warns of deeper financial problems

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Shares of the company fell 17% in premarket trading after Bed Bath issued the financial filings.

Among the challenges, Bed Bath said fewer customers are coming to its stores and website, and that it has less merchandise to put on its shelves.

Net sales in the fiscal third quarter, which ended Nov. 26, are expected to be about $1.26 billion — down sharply from $1.88 billion in the same period a year earlier.

It expects a net loss of about $385.8 million for the third quarter, a loss of nearly 40% year over year. The quarterly losses include a write-down of about $100 million, which was not specified.

The company will deliver full quarterly results and hold an earnings call on Tuesday.

This is breaking news. Please check back for updates.



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