Bed Bath & Beyond says sales plunged by 28% in the fiscal second quarter, as the home goods retailer struggled to draw customers.
on Thursday said sales plunged by 28% in the fiscal second quarter, as the home goods retailer struggled to draw customers.compared with what analysts were anticipating, based on Refinitiv data:The company’s net loss widened significantly to $366 million, or $4.59 per share, from $73 million, or 72 cents per share, a year earlier. Its net sales dropped from $1.99 billion in the year-ago period..
Interim CEO Sue Gove said in a news release Thursday that the company’s quarterly results do not reflect the progress it has made in recent weeks. For instance, she said the company is fixing inventory problems by speeding up markdowns of some merchandise. She said Bed Bath is “confident that our current liquidity will enable the necessary changes we are implementing.”
Gove said the company’s loyalty program, Welcome Rewards, has grown by more than 1.3 million since the end of August, bringing it to a total of 6.4 million members since it launched this summer. She said it is lowering costs by about $250 million for the second half of the fiscal year, as it works to ramp up sales.
Bed Bath faces several significant challenges, including mounting debt, vacant leadership roles and tense relationships with vendors. As the company gears up for the crucial holiday season, it is led by Gove, an interim CEO, and
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Hurricane Ian makes landfall in southwest Florida with sustained winds up to 150 mphThe storm is expected to spend a day or more crawling across the Florida peninsula, dumping flooding rains of 12 to 18 inches across a broad area, including Tampa, Orlando and Jacksonville.
Leer más »
Ian Makes Landfall in Southwest Florida as ‘Catastrophic' 150 MPH HurricaneAn extremely dangerous Category 4 Hurricane Ian made landfall in southwest Florida Wednesday, bringing “catastrophic” storm surge, winds and flooding as one of the strongest recorded storms to ever hit the state.
Leer más »
Hurricane Ian Slams Into Florida With 150-mph Winds: What We KnowHurricane Ian, one of the strongest storms in memory, barrels into the densely populated Gulf Coast, bringing with it a massive storm surge
Leer más »
Hurricane Ian reaches Florida as Category 4 storm with 150 mph windsThe hurricane’s center struck Wednesday afternoon near Cayo Costa, a protected barrier island just west of heavily populated Fort Myers.
Leer más »
Hurricane Ian makes landfall with 150 mph windsHurricaneIan made landfall in southwest Florida near Cayo Costa. The National Hurricane Center said Ian was causing “catastrophic” storm surge, winds and flooding.
Leer más »