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Bed Bath & Beyond Stock Slumps as CEO Steps Down and Loss Wider Than Expected
Bed Bath & Beyond BBBY –3.26% stock was dropping Wednesday after the company announced CEO Mark Tritton would be leaving the role and after it posted a first-quarter loss that was wider than expected.
Bed Bath (ticker: BBBY ) reported an adjusted loss of $2.83 a share on $1.46 billion in revenue. Analysts polled by FactSet were expecting a loss of $1.39 a share and $1.5 billion in revenue.
The company announced CEO Mark Tritton would be stepping down as CEO. Sue Gove, an independent director on the company’s board, will serve as interim chief executive.
“After thorough consideration, the Board determined that it was time for a change in leadership,” said Harriet Edelman, independent chair of the board.
The stock was down 11% to $5.88 in premarket trading on Wednesday.
https://www.barrons.com/articles/bed-bath-beyond-ceo-earnings-51656502867