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Bed Bath & Beyond reports wider-than-expected loss as possible bankruptcy looms



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A man is seen at a Bed Bath & Beyond store in New York, on Jan. 5, 2023.Ziyu Julian Zhu | Xinhua News Agency | Getty ImagesBed Bath & Beyond on Tuesday posted wider quarterly losses than expected as its chief executive acknowledged the struggling retailer’s turnaround plan had not achieved its goals.Days after the company warned of potential bankruptcy, it painted an even more dire picture of its finances. Bed Bath lost $393 million during the fiscal third quarter, it said Tuesday, worse even than the $385.8 million quarterly loss it projected just last week and a 42% increase from year-ago losses.Bed Bath’s net losses have now exceeded $1.12 billion for the first nine months of the fiscal year.CEO Sue Gove said that the company has already cut costs and will slash an additional $80 million to $100 million, including an unspecified number of layoffs, and that it’s on track to close the 150 stores it had previously announced. Bed Bath’s operating expenses have dropped to $583.6 million, compared with $698 million last year.Here’s how the retailer did in the three-month period ended Nov. 26 compared with what analysts were anticipating, based on Refinitiv data:Loss per share: $3.65 adjusted vs. $2.23 expectedRevenue: $1.26 billion vs. $1.34 billion expectedAs the home goods retailer fights to stay in business, its mounting losses have tripped up its turnaround strategy. It wants to bring back more national brands a …

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