Bed Bath & Beyond Plunges Amid Surprise Drop in Same-Store Sales
(Bloomberg) -- U.S. consumers are opening their wallets again, but Bed Bath and Beyond Inc. is still struggling to lure them into its stores.
The home-furnishings and cookware retailer reported a surprise drop in same-store sales -- a key metric. Shares fell as much as 12 percent in late trading Wednesday.
Bed Bath & Beyond has been exploring ways to boost in-store traffic while increasing its struggling online presence. While Chief Executive Officer Steven Temares has said improvement is needed in e-commerce, in-store promotions will be the key to keeping shoppers loyal as competition heats up from powerful online rivals like Amazon.com Inc.
The chain’s comparable sales fell 0.6 percent in the latest quarter, marking a sixth straight quarter of declines. Analysts had been expecting a 0.4 percent rise, according to Consensus Metrix.
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