Shares of Bed Bath & Beyond tumbled after the retailer reported disappointing sales numbers on Tuesday, leading Wall Street to believe a true turnaround is going to take more time than initially anticipated, CNBC.com reported. Shares, which had rallied roughly 53 percent in 2019, were last down more than 25 percent in trading yesterday. The company has a market cap of about $1.4 billion. Bed Bath & Beyond, which also owns Christmas Tree Shops and Buybuy Baby, said that sales during the first two months of the fiscal fourth quarter were hurt by heightened promotions, falling store traffic and inventory management issues. It said same-store sales, a key metric for the industry that tracks purchases at stores open for at least 12 months, during December and January dropped 5.4 percent. Analysts on average were expecting a drop of 3.97 percent for the fourth quarter, according to a poll by Refinitiv. Bed Bath & Beyond also faced inventory issues during the holidays. It said certain categories were too low or out-of-stock, hurting results.
