Bed Bath & Beyond's (NASDAQ: BBBY) stock recently plunged after the retailer delivered dismal third-quarter numbers. Its revenue fell 9% annually to $2.76 billion, missing estimates by $90 million, as its comparable store sales slid 8.3%. Its adjusted net loss widened from $2.7 million to $46.9 million, or $0.38 per share -- which missed expectations by a whopping $0.40.
It also withdrew its prior full-year guidance and didn't provide updated figures, claiming that CEO Mark Tritton -- who took the top job last November -- needed more time to "assess the business and finalize the details" of its new strategies and the "extensive senior leadership changes" over the past month.
Image source: Getty Images.
Tritton's long-term turnaround plans include clearing out the retailer's excess inventories with mass promotions instead of coupons, replacing those products with new ones to regain market share in home goods, expanding its e-commerce platform, and selling roughly half its real estate portfolio to a private equity firm.