Bed Bath and BeyondOn Wednesday, the company reported an unexpected holiday quarter loss. The company was short of inventory and had difficulty moving merchandise from congested ports to shelves.

In premarket trading, shares fell by over 5%

Mark Tritton CEO stated that the company lost $175M in fourth-quarter fiscal sales due to out-of-stock products This is a higher figure than in the previous quarter due to supply chain bottlenecks cost the company about $100 million.

Tritton stated in an interview with CNBC that home goods retailer Homegoods is dissatisfied by their results. According to Tritton, “major headwinds within the macro environment have slowed down the company’s efforts for turnaround.” He said that moving goods is more expensive and top-selling products from national brands are hard to find due to the absence of microchips, which go into vacuums. He added that the bulk of their seasonal merchandise ended up stuck in ports, and it arrived too late.

Some of these challenges are still present in the current quarter, he said.

Tritton stated that Bed Bath continues to make progress in its transformation. Tritton stated that the company is currently renovating its stores, investing technology and welcoming customers back with targeted emails and postcards. It also plans on expanding its profitable private label brand.

Bed Bath was on an uphill ride. TargetTritton is a former retailer executive who has tried to revitalize the retailer’s image with private label products, remodels at stores and closing down locations that are underperforming. The stock was also drawn to meme-stock rallies. AMC EntertainmentAnd GameStop. It has also been under pressure from investors — including activist Ryan Cohen, chairman of GameStop and founder of Chewy.

The retailer recently struck a dealCohen’s company, RC Ventures agreed to recruit new members of the board and examine whether or not it should sell its BuyBuy Babies business. This has been one its brightest spots.

Although Bed Bath didn’t provide any forecasts Wednesday, it stated that sales and margins will improve in the second quarter of next fiscal year as supply chains conditions are more favorable.

This is how Refinitiv data shows the retailer’s performance over the past three months.

• Per share loss: 92cs, vs. expected profit of 3cs
• Revenue: $2.05Billion, vs. expected at $2.07Billion

From a net income of 9 million (or 8 cents per share) a year prior, the company lost $159million, or $1.79, which is $1.79 each share. It lost 92c per share, excluding one-time expenses. Refinitiv analysts polled expected earnings per share to be 3 cents.

From $2.62 trillion a year ago, sales fell by 22% to $2.05 Billion. This was below the estimates of $2.07 trillion.

Comparing with the previous year, Bed Bath’s same-store sales dropped by 12%. Same-store sales declined 15% for the Bed Bath & Beyond banner and grew by low single-digits for the BuyBuy Baby banner.

Comparing to the same period a year ago, digital sales fell 18%. This partially reflects the return to physical stores and the normalization of e-commerce.

Tritton stated that Bed Bath has restructured its supply chain to better manage its merchandise. It imports products and then moves them to stores and distribution centers. Tritton said the technology that acts as “a virtual control center” will become live by the end of March. These efforts have been underway for some time, but they are now more pressing, he stated.

He stated that the “friction point” is determined by the timing of these pressures, and when the strategy will be completed.

Bed Bath needs to be able to offer shoppers dollars in addition its turnaround efforts. Inflation is at the forefront of Bed Bath’s business. an approximately four-decade high. Other priorities such as spring wardrobes or summer vacations may also be being considered by consumers.

Tritton stated that the background is more difficult for retailers, particularly since families no longer receive extra money from the government such as child tax credits. This is “dampening demand for many categories, including home,” Tritton said.

His belief was that there’s an “evergreen, strong, and stable home market” which has seen some fluctuations. He said, however, that when the ups and falls cease to matter, there could be great opportunities for business. We are a part of our customers’ lives, their needs and wants. To ensure we have the stock to meet that customer’s need and make sure that they get it served is our main goal.

Bed Bath shares were up around 23% this year as of Tuesday’s close. Closed at $17.97, the stock of this retailer. On Tuesday, it fell 6.75% to reach $1.73 Billion.