Benzinga | Sep 30, 2021 09:49AM EDT

Why Bed Bath & Beyond Shares Are Diving Today

Bed Bath & Beyond Inc (NASDAQ:BBBY) is trading significantly lower after the company announced worse-than-expected second-quarter fiscal 2021 financial results and issued guidance below estimates.

Bed Bath & Beyond reported quarterly earnings of 4 cents per share, which was down from 50 cents per share year-over-year. The company reported quarterly revenue of $1.99 billion, which came in below the estimate of $2.06 billion.

Bed Bath & Beyond expects fiscal third-quarter earnings to be between zero and 5 cents per share versus the estimate of 28 cents per share. The company expects fiscal third-quarter revenue to be in a range of $1.96 billion to $2 billion versus the estimate of $2.02 billion.

"While our results this quarter were below expectations, we remain confident in our multi-year transformation. Following solid growth in June, we saw unexpected, external disruptive forces towards the end of the quarter that impacted our outcome," said Mark Tritton, president and CEO of Bed Bath & Beyond.

BBBY Price Action: Bed Bath & Beyond has traded as high as $53.90 and as low as $14.25 over a 52-week period.

The stock was down 28.40% at $15.90 at time of publication.

Photo: Mike Mozart from Flickr.