A person is seen at a Bed Bath & Beyond retailer in New York, on Jan. 5, 2023.
Ziyu Julian Zhu | Xinhua News Agency | Getty Images
Bed Bath & Beyond on Tuesday posted wider quarterly losses than anticipated as its chief government acknowledged the struggling retailer’s turnaround plan had not achieved its objectives.
Days after the corporate warned of potential chapter, it painted an much more dire image of its funds. Bed Bath misplaced $393 million throughout the fiscal third quarter, it mentioned Tuesday, worse even than the $385.8 million quarterly loss it projected simply final week and a 42% improve from year-ago losses.
Bed Bath’s web losses have now exceeded $1.12 billion for the primary 9 months of the fiscal 12 months.
CEO Sue Gove mentioned that the corporate has already lower prices and can slash an extra $80 million to $100 million, together with an unspecified variety of layoffs, and that it is on monitor to shut the 150 shops it had beforehand introduced. Bed Bath’s working bills have dropped to $583.6…
2023-01-10 10:33:11 Bed Bath & Beyond (BBBY) Q3 2023 earnings
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