NEW YORK (AP) — Bed Bath & Beyond's shares are tumbling a day after the home goods seller issued an outlook below Wall Street's expectations and fueled concern about shoppers' ability to spend in what appears to be a slowing economy.
The disappointing earnings outlook came as the chain announced better-than-expected results for the first quarter on Wednesday. But Bed Bath & Beyond Inc. old investors that its gross profit margin declined as it used more coupons to get people to open their wallets.
The shares fell $11.77 by early Thursday afternoon to $61.90, making Bed Bath and Beyond the biggest decliner in the Standard & Poor's 500 Index.
The chain is based in Union, N.J.