THE WHAT? Shares in Bed, Bath & Beyond plummeted in value this week after the new CEO, Mark Tritton, pulled its financial guidance, according to a report published by Bloomberg.
THE DETAILS Tritton told investors that he would unveil a turnaround plan for the brand in the spring after the company’s most recent results statement showed same store sales dropping for the 11th consecutive quarter.
Sales were down 8.3 percent in the three months leading up to December and analysts aren’t predicting any great shakes over the holidays for traditional retailers with Macy’s, Kohl’s Corp, L Brands and JC Penney all reporting sales declines.
THE WHY? Tritton’s move was branded a ‘well established play’ by Bloomberg, he’s setting expectations low.