The Clap
Shares of retail store chain Bed Bath & Beyond (NASDAQ: BBBY) plummeted yesterday on the back of worse-than-expected Q1-2022 results.
The Deets
The company’s sales fell 25% YoY, & high costs affected the company’s gross profit margins, which were significantly worse than the previous quarter’s.
Results weren’t the only catalyst
Bed Bath & Beyond’s CEO, who was brought in from Target to turn the company around, was fired yesterday.
Why this matters
BBBY shares are down over 85% over the past twelve months, & the company did not give an encouraging outlook on its performance.