Bed Bath & Beyond Reportedly Has Product Issues Before Black Friday
External shower bed (NASDAQ:BBBY) was followed up after a recent DataWeave study shown that over 40% of the specialty retailer’s products were out of stock in October increasing the level of product shortage from the first half of the year. Out-of-stock levels were also noted to be higher than the retail industry average.
Notably, suppliers for Bed Bath & Beyond (BBBY) is reported to have halted shipments to retailers until they have been paid for previous orders.
Earlier this year, BBBY announced that it would discontinue production of three of its nine private label brands, as well as reduce the range of others. The company also announced that it will close about 150 stores and lay off about 20% of its workforce as part of a broad restructuring agreement to strengthen its overall financial position.
Shares of Bed Bath & Beyond (BBBY) has fallen about 27% over the past six weeks and is down 78% on a year-over-year basis. BBBY trades around 68% under 200-day moving average. During the pre-marketing session on Friday, BBBY raised 0.55%.
The Alpha Quant Search Rating on BBBY has slipped back to the Sell rating on November 14 due to Low scores for profitability and momentum.