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Inflation, Supply Chain Issues Hurt Bed Bath & Beyond Performance

Revenues and net profits were down due to market conditions

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Shares of Bed Bath & Beyond (Union, N.J.) were down more than 25 percent in premarket trading today following a decline in traffic in August that affected its second quarter fiscal results, according to CNBC.

The retailer reported revenues of $1.99 billion, which fell short of the $2.06 billion forecast. BB&B lost $73.2 million against net income of $217.9 million in the second quarter.  “While our results this quarter were below expectations, we remain confident in our multi-year transformation,” CEO Mark Tritton said in a press release.

The retailer has also encountered supply chain issues that have plagued the retail industry, which Tritton describes as “pervasive.” Inflation has also had an impact on its performance, affecting sales and profits.

Jennifer Acevedo is the editor-in-chief and associate publisher of VMSD magazine.

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