Michael has over 20 years of experience representing individual and small business plaintiffs against the world’s large financial institutions, including Visa, Mastercard, and Chase.
Our firm is investigating potential clams on behalf of Bed Bath & Beyond investors. On February 11, 2020, Bed Bath & Beyond, Inc.reported a 5.4% decline in same-store sales, due in part to issues with inventory management and store traffic. Wall Street analysts voiced concerns that the company’s turnaround may now take longer than originally anticipated. On this news, Bed Bath & Beyond’s stock price dropped over 20% in one day, significantly harming investors.
Bed Bath & Beyond Stock Losses?
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Bed Bath & Beyond Same-Store Sales Fall; BBBY Unexpected Margin Pressure
On February 11, 2020, Bed Bath & Beyond reported its preliminary fourth quarter 2019 financial results, disclosing a 5.4% decline in same-store sales. According to MarketWatch, the company attributed the sales decline to issues with inventory management, as well as slower store traffic and increased promotions and markdowns. The gross margin for the period also fell around 300 basis points, due largely to new promotions and higher online sales.
According to the CEO of Bed Bath & Beyond, Mark Tritton,
We are experiencing short-term pain in our efforts to stabilize the business, including the pressures of store traffic trends coupled with our own executional challenges.
Some analysts reported on the financial results as well. According to Wells Fargo analysts led by Zachary Fadem and quoted by MarketWatch,
In our view, this represents a discouraging start to the Tritton era, and while it’s widely understood that a Bed Bath & Beyond turnaround would be no easy task, we believe it’s safe to say that near-term improvement appears increasingly unlikely at this point
This announcement came a little over a month after the company withdrew its forecast for fiscal year 2019, Reuters states. On this news, shares of Bed Bath & Beyond dropped dramatically. Investors are encouraged to contact our firm about recovering their losses.
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Gibbs Law Group’s financial fraud and securities lawyers have more than two decades of experience prosecuting fraud. Our attorneys have successfully litigated against some of the largest companies in the United States, and we have recovered more than a billion dollars on our clients’ behalf.
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Eileen works closely with investors in securities cases and has over a decade of experience in the legal world. She received her law degree from American University in 2005.
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Amanda is spearheading a securities lawsuit against NantHealth concerning fraudulent statements to investors about the success of its key product.
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