Bed Bath & Beyond Dec. & Jan. Combined Comps. Down 13%, Adj. For Calendar Shift

(RTTNews) - Bed Bath & Beyond Inc. (BBBY) stated that, for the first two months of the fourth quarter, comparable sales declined 5.4%, reflecting a low-double-digit percentage decrease in transactions in stores, partially offset by a mid-single-digit percentage increase in the average transaction amount. Adjusting for the calendar shift to exclude Cyber Monday week, comparable sales for the first two months of the fourth quarter declined 13%.

Mark Tritton, CEO of Bed Bath & Beyond, said, "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."

On a directional basis, comparable sales from stores declined nearly 11%, while comparable sales from digital channels grew approximately 20%.

Shares of Bed Bath & Beyond Inc. were down nearly 20% after hours.