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Bed Bath & Beyond is having a tough time competing in retail today.
On Tuesday, the home goods retailer blamed restructuring costs, Hurricane Harvey and a new accounting standard for weighing heavily on its second-quarter results, which fell short of expectations. Even worse, these trends will continue to hurt the retailer, prompting it to slash its full-year outlook.
Shares were falling nearly 15 percent Wednesday on the news.
New Jersey-based Bed Bath & Beyond reported a same-store sales decrease of 2.6 percent for the second quarter. Analysts had expected a narrower decrease of 0.7 percent, according to Thomson Reuters estimates. The retailer posted quarterly sales of roughly $2.9 billion, down 1.7 percent from a year ago.
"As much as it is true that [Hurricane] Harvey has been unhelpful, the fact remains that BBB's revenue and profit growth have been on a downward trajectory for some time," GlobalData Retail Managing Director Neil Saunders said in a note to clients. "In this sense, these latest numbers represent a continuation of a long-running trend."
Bed Bath & Beyond continues to lose out to its rivals, Saunders added, which have chosen to invest more in their stores and online.
On a call with analysts and investors, CEO Steven Temares outlined initiatives that Bed Bath & Beyond is pursuing to accomplish its turnaround goals. This includes adopting a new technology model, hiring a new chief information officer and the company's first chief technology officer, and establishing a strategic portfolio management office.
Realigning the store's management structure — including last month's decision to cut 880 department and assistant store manager positions — is also part of the plans, Temares said.
Bed Bath & Beyond expects its latest initiatives to save $150 million over the next few years, a portion of which may be reinvested in the company.
Online sales represent only 15 percent of Bed Bath & Beyond's sales, Temares added, meaning there remains room for "significant growth."
For the full year, the retailer now expects to earn about $3 per share, with the balance of its future earnings split about 20 percent in the fiscal third quarter and about 80 percent in the fiscal fourth quarter.
It's no surprise that competition in home goods retailing is growing at a rapid clip. Target recently launched a new furniture and accessories line, TJX is rolling out Homesense and Homegoods stores throughout the U.S., and Amazon has been seen adding more items to the "Home" section of its website.
As of Tuesday's market close, shares of Bed Bath & Beyond have fallen more than 33 percent in 2017.
—CNBC's Angelica Lavito contributed to this report.