Bed Bath & Beyond Inc. (NASDAQ: BBBY) shares tumbled over 15 percent on Wednesday as the company reported quarterly revenue and earnings that missed analysts’ estimates.
The home goods retailer reported second-quarter sales fell 1.7 percent to $2.9 billion. The company earned $0.67 per share in the second quarter, down from $1.11 per share a year earlier. Analysts polled by Thomson Reuters had estimated earnings of $0.95 per share.
The company also reported same-store sales decreased by approximately 2.6 percent. Analysts had projected a decrease of 0.7 percent.
Bed Bath & Beyond shares fell as much as 13.54 percent to $23.37 in the early trading on Wednesday. The stock was down more than 40 percent this year.
This is a tough year for Bed Bath & Beyond. The company is struggling as the competition in the home goods industry continues to increase. In addition, the increase use of e-commerce continues to take the market shares from traditional retailers. Many retailers’ stock were trading lower this year, despite the S&P 500 has gained almost 12 percent.
Bed Bath & Beyond now expects earnings to be $3 per share for the full year, with the balance of its future earnings split about 20 percent in the fiscal third quarter and about 80 percent in the fiscal fourth quarter.