NEW YORK (AP) — Bed Bath & Beyond’s stock plunged to its lowest price in 18 years after the home goods store chain posted weak results in the second quarter and cut its forecasts for the rest of the year.
The company’s profit fell by almost 50 percent compared to a year ago. Its stock sank 21.5 percent to $14.76 in very heavy trading. It’s down about 33 percent in 2018.
Bed Bath & Beyond, which traded above $75 in early 2015, fell to its lowest level since early 2000.
KeyBanc analyst Bradley Thomas said competition for Bed Bath & Beyond from both online and physical retailers is getting worse. He said that competition, along with continued spending on its website and mobile business, will continue to hurt the company’s profits.
