Bed Bath and Beyond Shares Fall as CEO Withdraws Guidance

Shares of U.S. retailer Bed Bath and Beyond were falling in late trading on Wednesday after the comkpany’s new chief executive withdrew financial guidance.

Shares dropped 7% after CEO Mark Tritton said that the “unsatisfactory” performance at Bed Bath & Beyond “underscores the imperative for change.” On a conference call with analysts, he said he’ll be back in the spring with a turnaround plan.

The company saw same-store sales fall 8.3% in the fiscal third quarter. It was the 11th consecutive deadline for the company and worse than the 4.9% drop that analysts were waiting for, per Consensus Metrix.

Profit and sales will remain under pressure in the current quarter, Bed Bath & Beyond said.

Tritton pulled the company’s full-year outlook and said the retailer had troubles with inventories, uncompetitive prices and a lack of convenience for digital-savvy shoppers.

According to Triton, employees still have a good impression of the brand which “demonstrates that Bed Bath & Beyond is still a well-loved, well-known brand with tremendous opportunity to grow share within a $51 billion U.S. market for the home-related categories.”

Disclaimer: We have no position in Bed Bath & Beyond Inc. (NASDAQ: BBBY) and have not been compensated for this article.