Shares of Bed Bath and Beyond sank after a gloomy sales outlook under its new CEO disappointed investors
) were on pace for their worst day ever on Wednesday, as disappointing sales numbers raised concerns on Wall Street that the retailer’s turnaround would take longer and be much tougher than anticipated.
“Tritton has a more difficult job ahead than we anticipated and more aggressive changes are needed. We are disappointed with the large step back in the business,” analysts at Telsey advisory group wrote in a note. “We are experiencing short-term pain in our efforts to stabilize the business, including the pressures of store traffic trends coupled with our own executional challenges,” Tritton, a former Target Corp executive, said on Tuesday.
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