Bed Bath & Beyond 2Q sales fall but meet Street’s view

By MICHELLE CHAPMAN
AP Business Writer

Bed Bath & Beyond’s sales declined 28% in its fiscal second quarter, but the performance managed to meet Wall Street’s expectations. The Union, New Jersey-based home goods retailer reported sales of $1.44 billion for the three months ended Aug. 27. That compares with sales of $1.99 billion a year earlier. Sales at stores open at least a year, a key indicator of a retailer’s health, fell 26%. Interim CEO Sue Gove said in a statement that the chain sped up markdowns and strategic promotions in order to deal with some of its inventory issues.