Bed Bath & Beyond Shares Plummet 23% on Disappointing Q1 Results 
<p><a href='https://financialmodelingprep.com/financial-summary/BBBY'>Bed Bath & Beyond Inc. (NASDAQ:BBBY)</a> shares plunged more than 23% on Wednesday following the company’s reported disappointing Q1 results, with EPS of ($2.83) coming in significantly worse than the Street estimate of ($1.32). Revenue was $1.46 billion, missing the Street estimate of $1.53 billion. Comparable sales dropped 23%, compared to the expected 19.4% decline.</p>
<p>According to the analysts at Wedbush, the company finds itself in an unenviable position as it faces steep market share losses, an overabundance of inventory, and dwindling cash reserves. </p>
<p>The analysts, who lowered their price target to $5 from $7 following the results, said that pushing too hard on an owned brand merchandising transformation proved hazardous for the company given very long order lead times compounded by external supply chain pressures. </p>
<p>The analysts believe the company would have been better served moving slower on merchandising, and first focusing on fixing its poor IT and supply chain systems.</p>

NASDAQ:BBBY