Bed Bath And Beyond Is Tanking

Bed bath and Beyond is down 8.9% after hours to $US72.62.

The retailer reported Q3 earnings of $US1.12 per diluted share, on revenue of $US2.86 billion, up 6% from a year ago.

This missed estimates for earnings of $US1.15 per share.

Q3 comparable store sales were up 1.3%, below expectations of a 2.7% rise.

Bed, Bath & Beyond lowered its Q4 guidance to to $US1.60-$1.67, down from their estimated of $US1.70-$1.77. This was also below estimates of $US1.79.

It sees full-year earnings per share of $US4.79-$4.86, below estimates of $US5.01.

It’s been a rough day for retailers.

Earlier today we saw J.C. Penney shares take a hit after the retail said it was “pleased” with holiday sales without releasing any other details. The stock closed down 10%.

Meanwhile, Macy’s just reported just reported that it plans to cut 2,500 jobs and close five stores.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.