A Bed Bath & Beyond store is seen in Miami, Florida on June 29, 2022.
Joe Raedle | News from Getty Images | Getty Images
bed bath beyond warned on Thursday that it is struggling to attract customers and grow sales, contributing to mounting losses and deeper financial woes for the embattled homewares retailer.
The retailer also issued a “going concern” on Thursday, a warning that it likely won’t have the cash to cover expenses like leases or payments to suppliers in the coming months. The company says it is evaluating financial options, including filing for bankruptcy.
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Shares of the company fell 17% in premarket trading after Bed Bath released financial documents.
Bed Bath’s challenges include taking fewer customers to its stores and website, and having fewer goods to put on shelves.
Net sales for the fiscal third quarter ended November 26 are expected to be approximately $1.26 billion — a sharp decrease from $1.88 billion for the same period last year.
A net loss of about $385.8 million is expected for the third quarter, representing a nearly 40% year-over-year increase in losses. Quarterly losses include an impairment charge of approximately $100 million that was unspecified.
The company will report full quarterly results and host a earnings conference call on Tuesday.
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