The retailer also lowered sales and adjusted profit expectations for the year.
Net sales for the second quarter of the fiscal year fell to $1.98 billion from $2.69 billion in the same period last year, as traffic slowed in August.
The retailer also lowered its sales on Thursday and adjusted profit expectations for the year as it anticipates more supply-chain challenges.
President and Chief Executive Mark Tritton said cost inflation also outpaced the significant growth the company had already forecast, especially later in the quarter. He said the challenges in the company’s operating environment were particularly evident in key states such as Florida, Texas and California, all of which make up a substantial portion of sales.
“Following solid growth in June, we saw unforeseen, external disruptive forces at the end of the quarter impacted our results,” Mr Tritton said.
Bed Bath & Beyond reported a net loss of $73.2 million for the quarter compared to a profit of $217.9 million. Adjusted earnings were 4 cents per share, less than 52 cents for stock analysts surveyed by FactSet.
Shares of Bed Bath & Beyond fell nearly 28% in premarket trading. As of Wednesday’s close, the stock was up 25% so far this year.
Dave Sebastian [email protected] . Feather