RETAIL ROUT: Bed Bath & Beyond, Kohl's, and JCPenney slip on dismal earnings and weak holiday sales
- Bed Bath & Beyond reported dismal 2019 fiscal third quarter earnings Wednesday, sending its shares plummeting Thursday.
- Also on Thursday, Kohl's and JCPenney released holiday sales numbers that missed Wall Street expectations, weighing on shares of the retailers.
- Here's how much each retailer lost on negative reports this week.
- Read more on Business Insider.
It's been a rough week for retailers as many have kicked off 2020 with weak earnings or less-than-anticipated holiday sales numbers.
Shares of Bed Bath & Beyond, Kohl's, and JCPenney all posted double-digit losses Thursday. The less-than-stellar reports from the retailers came after a shaky end of 2019 where a number of companies in the sector slashed full-year profit outlooks ahead of the ever-important holiday shopping season.
Bed Bath & Beyond began Thursday's rout when it reported dismal 2019 fiscal third quarter earnings and withdrew its fiscal 2019 outlook after market close Wednesday. The report sent shares of the retailer plunging to double-digit losses during the day Thursday.
Also on Thursday morning, Kohl's and JCPenney both released holiday 2019 sales numbers. Kohl's reported that same-store sales dipped just 0.2% during November and December, but it lowered its full-year profit outlook, making investors nervous. JCPenney reported that its holiday same-store sales fell 7.5%, but reaffirmed its full-year profit outlook.
Here's how much each retailer's stock price has lost Thursday: