Shoppers exit a Bed Bath & Beyond store in New York.
Michael Nagle | Bloomberg | Getty Images
Shares of Bed Bath & Beyond tumbled after the retailer reported disappointing sales numbers Tuesday evening, leading Wall Street to believe a true turnaround is going to take more time than initially anticipated.
The stock was on pace for its worst day ever. Shares, which had rallied roughly 53% in 2019, were last down more than 25% in trading Wednesday. The company has a market cap of about $1.4 billion.
Bed Bath & Beyond, which also owns Christmas Tree Shops and Buybuy Baby, said sales during the first two months of the fiscal fourth quarter were hurt by heightened promotions, falling store…