Shares of Bed Bath & Beyond (NASDAQ: BBBY) fell 15% aftermost month, according to abstracts from S&P Global Market Intelligence, as the home-goods banker connected to reel from a anemic balance address in September. There was little account out on the banal in October, but analyst downgrades and accepted retail angst connected to advance it downward.
The banal fell steadily over the advance of the month, as investors connected to lose acceptance in Bed Bath & Beyond and its peers.
BBBY abstracts by YCharts
Bed Bath & Beyond banal fell 16% on Sept. 20, after the aggregation appear a attempt in balance and a 2.6% abatement in commensurable sales. The banker additionally bargain its earnings-per-share advice for the year from $4.12 to $3. That address led to a abatement from Standard & Poor’s on Oct. 5, from BBB to BBB, with a abrogating outlook, as analyst Andrew Bove cited aggressive discounting, college costs, and accepted headwinds for his pessimism.
Toward the end of the month, the banal absent 3.3% on Oct. 27, as J.C. Penney bargain its own guidance, account that pushed bottomward a ambit of retail stocks.
A bedchamber set featuring a four-poster bed and a divan
Image source: Bed Bath & Beyond
Bed Bath & Beyond is in a stronger position than abounding of its retail peers, as the aggregation is still absolutely assisting and acquaint 20% advance in its online business in its best contempo quarter, but it’s adversity from abounding of the aforementioned challenges adverse added retailers. In-store sales are falling rapidly as capital cartage declines and added consumers boutique online, and e-commerce competitors including Amazon.com and Wayfair accept popped up, acceptation that Bed Bath & Beyond’s accumulating of things like pillows, towels, and dishware no best makes it unique. Administration has blown $6 billion on allotment buybacks over the accomplished bristles years, exacerbating its problems, as that money could accept been bigger spent on ramping up e-commerce operations or convalescent stores.
Shares are now abutting recession-era lows. The banal is cheap, trading at a P/E of beneath than 7, which has fueled some belief of a buyout, and administration has undertaken initiatives it hopes will bank up the basal line. Still, with the accepted headwinds in the industry, a buyout may be investors’ best hope.
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John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a affiliate of The Motley Fool’s lath of directors. Jeremy Bowman owns shares of J.C. Penney. The Motley Fool owns shares of and recommends Amazon and Wayfair. The Motley Fool has a acknowledgment policy.
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