PFE - BBBY Stock Alert: Bed Bath & Beyond's Sales Plunge Ahead of Bankruptcy
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Bed Bath & Beyond (NASDAQ:BBBY) stock is continuing to rise on Tuesday as all signs point toward the retailer filing for bankruptcy.
One of the latest signs that this is the case is the declining sales the company saw in its latest earnings report. During that report, the company said revenue came in at $1.3 billion, which is a 33% drop year-over-year.
The company saw its sales fall as it was unable to keep enough stock on shelves for customers to purchase. This also led to a net loss of $393 million during the period. That’s 43% wider than the company’s loss reported in the same period of the year prior.
Sue Gove, president and CEO of Bed Bath & Beyond, spoke on the matter in the latest earnings report.
“As we shared last week, we continue to work with advisors as we consider all strategic alternatives to accomplish our near- and long-term goals. We have a team, internally and externally, with proven experience helping companies successfully navigate complex situations and become stronger. Multiple paths are being explored and we are determining our next steps thoroughly, and in a timely manner.”
What’s Next for BBBY Stock?
If the current trend continues, the company will continue to see the price of shares increase. That could continue until a possible bankruptcy filing. While shares may fall after the announcement, it’s possible the rally will continue despite the financial crisis.
BBBY stock is up 18.2% as of Tuesday morning.
Investors searching for all of the most recent stock market news are in the right place!
InvestorPlace has all of that news ready to go for Tuesday! That includes what’s happening with shares of Sotera Health (NASDAQ:SHC), Pfizer (NYSE:PFE), and Boeing (NYSE:BA) stock. You can learn about these matters at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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