(Reuters) – Shares of Bed Bath & Beyond Inc (NASDAQ:) fell nearly 30% on Thursday after the retailer slashed its forecasts for the year, blaming supply chain hurdles and rising cases of the fast-spreading Delta variant of coronavirus.

As rising cases of coronavirus have dampened optimism for a rapid economic recovery as well as a strong holiday season, retailers are having to contend with increased transportation costs and port congestions due to disruptions in global supply chains.

Mark Triton, chief executive officer of the company said that “we did take very assertive actions to include freight as a stress point in our business”, referring specifically to increasing freight costs.

We did make a few pricing adjustments, but I think we were not agile enough to pay the price. We are also working to correct this problem for the next and third quarters.

Triton claimed that company suffered from “pervasive” supply chains problems and high cost inflation. These issues drained the retailer’s profits in the third quarter.

Bed Bath & Beyond shares hit an almost one-year low on Thursday as fears of the Delta variant hurt traffic in key states, including Florida, Texas and California in August, the largest month of the quarter.

This also caused the company to miss sales and revenue expectations for its quarter ending August 28.

New Jersey retailer, based in New Jersey, forecasts adjusted profit between $0.70 to $1.10 per stock. This is lower than the previous range of $1.40- $1.55 per stock.

The retailer also anticipates that full-year net revenues will be between $8.1 billion to $8.3 billion. This is lower than its previous range of $8.2 trillion to $8.4 trillion.

Shares of Bed Bath & Beyond were down 25.6% at $16.50 as of 10:51 a.m. ET. This erases all gains this year.