Analysts there have been dropping in on stores to get a read on what's happening on the ground. It's not looking great.
- Labor hours and store operating hours have been scaled back, the analysts say.
- Remodeling projects have been canceled.
- Customer rewards programs have been reduced or replaced.
- Foot traffic is down as much as 30% from a year ago, even as competitors such as Walmart and Target have held steady.
- Plus: It's not as if investors have forgotten about the last earnings report, when sales fell 22% from the previous year. Bank of America analysts expect that sales will drop another 20% in the past three months.
- Key quote: "The company has been underperforming the industry and we think consensus estimates [of an 18% drop in sales] may be optimistic," the analysts wrote.
https://edition.cnn.com/2022/06/28/business/nightcap-bed-bath-beyond-earnings/index.html