Bed Bath & Beyond to shutter 200 stores in next two years
09 Juillet, 2020, 22:10 | Auteur: Auguste Feret
Bed Bath & Beyond plans to close about 200 stores during the next two years as it looks to return to profitability.
The decision comes as a result of the impact of the COVID-19 pandemic; despite the company's online sales surging more than 100 percent during April and May, overall sales have dropped nearly 50 percent due to temporary store closures.
As of May 30, the company operated a total of 1,478 stores, including 955 Bed, Bath & Beyond stores in all 50 states, the District of Columbia, Puerto Rico and Canada. "Our actions to strengthen our financial position and liquidity are enhancing our flexibility and capacity to invest and rebuild our business for long-term success".
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. There are now 38 Bed Bath & Beyond stores in New Jersey, but it is unknown if any will be impacted.
The company's net online sales accounted for almost two-thirds of total net sales, which surged 82 percent during the quarter, with increases of more than 100 percent during April and May.
"We saw there were a number of stores dragging us down", Bed Bath & Beyond CEO Mark Tritton told CNBC.
Although the pandemic has financially impacted the retailer's brick-and-mortar stores, digital sales grew 82%, the company said.
Large retailers across the country have been rocked by the pandemic, with stores like Levi's and Macy's having announced closures, and other clothing stores like JCPenney, Brooks Brothers and Neiman Marcus filing for bankruptcy.
"We believe Bed Bath & Beyond will emerge from this crisis even stronger, given the strength of our brand, our people and our balance sheet", Tritton said in the release.
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