Stock Alert: Bed Bath & Beyond Down 8% On Quarterly Results

(RTTNews) - Shares of Bed Bath & Beyond Inc. (BBBY) are currently down 8% after the home-goods retailer reported a downbeat third-quarter earnings.

BBBY is currently trading at $19.35, down $1.68 or 7.99%, on the Nasdaq.

Bed Bath & Beyond's third-quarter earnings and sales missed Wall Street analysts' expectations. The company also did not provide specific financial guidance, due to the significant COVID-19-related headwinds.

Third-quarter net loss was $75.44 million or $0.61 per share, wider than last year's loss of $38.55 million or $0.31 per share. On an adjusted basis, the company reported profit of $10.43 million or $0.08 per share, compared to a loss of $45.90 million or $0.38 per share last year. On average, 17 analysts polled by Thomson Reuters expected earnings of $0.19 per share for the quarter.

Net sales dropped to 5% to $2.62 billion from $2.76 billion last year. Analysts expected revenues of $2.75 billion for the quarter.