Bed Bath & Beyond (BBBY) - reported a wider-than-expected fiscal-third-quarter loss, with sales pressured by inventory shortfalls and supply-chain disruptions.
For the quarter ended Nov. 27, the Union, N.J., home-goods retail chain reported a net loss of $2.78 a share, compared with a loss of 61 cents a share in the year-earlier quarter.
Revenue dropped 28% to $1.88 billion from $2.62 billion.
A survey of analysts by FactSet produced consensus estimates of a loss of 2 cents a share on revenue of $1.95 billion.
Comparable-store sales declined 7% from a year earlier and 4% from the fiscal 2019 third quarter.
Shares outstanding fell 19% to 99.6 million from 122.9 million.
"[Overall] sales were pressured despite customer demand, due to the lack of availability with replenishment inventory and supply-chain stresses that had an estimated $100 million, or mid-single-digit [percent], impact on the quarter and an even higher impact in December," CEO Mark Tritton said in a statement.that Bed Bath & Beyond would be closing 37 stores in 19 states, most of them over the next two months.