By Michael Dabaie
Bed Bath & Beyond Inc. (BBBY) shares were down 9% to $10.48 in heavier-than-average volume Thursday morning.
The retailer on Wednesday said first-quarter sales were about $2.6 billion, a decrease of 6.6% on year, and in line with the FactSet consensus estimate. Comparable sales declined about 6.6%, versus the FactSet consensus for a 5.5% decline.
Adjusted EPS was 12 cents, down from 38 cents in the year-ago period, but beating the FactSet consensus of 8 cents.
Goldman Sachs initiated Bed Bath & Beyond at Sell with a price target of $11.
"The Sell rating on BBBY is based more on secular concerns as the company continues to face intense competition from many different retailers that have better value messaging as well as more optionality for delivery" Goldman analysts said.
Citigroup cut its price target on Bed Bath & Beyond to $13 a share from $18 and maintained it at Neutral.
Write to Michael Dabaie at email@example.com
Corrections & Amplifications
This story was corrected at 12:00 p.m. ET to fix the misstated day in the second paragraph. It is Wednesday, not Thursday.