Tags: bedbath&beyond | sales | losses | stores | closures

Bed Bath & Beyond Closing 200 Stories Amid 50 Percent Sales Drop

a bed bath & beyond free standing store
A general view of the Bed Bath & Beyond sign as photographed on March 20, 2020 in Westbury, New York. (Photo by Bruce Bennett/Getty Images)

By    |   Wednesday, 08 July 2020 06:27 PM

After sales lagged nearly 50% amid the global coronavirus pandemic, Bed Bath & Beyond announced it will close around 200 stores over the next two years, CNBC reported.

The losses come despite online sales surging more than 100% in April and May, during the height of the shutdowns, per the report.

"We saw there were a number of stores dragging us down," Bed Bath & Beyond CEO Mark Tritton told CNBC. "We will continue to look at the rest of our concept stores, now that we have established the data criteria."

The closures will begin later this year among its 1,478 stores, including 955 Bed Bath & Beyond shops. BBB also owns the chains of Buybuy Baby, Christmas Tree Shops, and Harmon Face Values.

Sales fell 49% to $1.31 billion from $2.57 billion a year ago, and it reported an adjusted loss per share of $1.96 on revenue of $1.31 billion – beating an adjusted loss estimate of $1.22 but falling short of $1.39 billion revenue, according to the report.

BBB has declined to share guidance on the remainder of 2020, because of volatility of coronavirus, but he did say early opening have beaten internet expectations.

Americans have spent more time at home than ever before, increasing the demand for its products, according to the CEO.

"Home is now everything," Tritton told CNBC. "It's the epicenter."

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After sales lagged nearly 50% amid the global coronavirus pandemic, Bed Bath & Beyond announced it will close around 200 stores over the next two years, CNBC reported....
bedbath&beyond, sales, losses, stores, closures
226
2020-27-08
Wednesday, 08 July 2020 06:27 PM
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