Bed Bath & Beyond To Close 40 Stores This Year

Cornelia Mascio
Aprile 14, 2019

"This will be offset by a minimum of approximately 40 stores we expect to close", Bed Bath & Beyond's chief financial officer and treasurer, Robyn D'Elia, said during Wednesday's call.

The home goods retailer, founded in 1971 and headquartered in Union Township, New Jersey, forecast dismal first-quarter profits, sinking shares in its stock on Friday, Feb. 12 as the company struggles to compete with online retailers such as Amazon. "This will be offset by a minimum of approximately 40 stores we expect to close", Robyn D'Elia, CFO and treasurer said on the call.

The company said the closures and openings are part of a multi-year effort to achieve fiscal goals.

"Our transformation began some 18 months ago and comprises a thorough overhaul of much of what we do to deliver on our commitment to improve revenue growth, enhanced gross and operating margins, and create sustainable shareholder value". During the fourth quarter, Bed Bath & Beyond closed 21 stores and opened 3 stores, according to D'Elia.

The group wants Bed Bath & Beyond to trim its product selection and beef up the in-store experience to drive traffic back to stores. It plans to announce additional changes to the board in the future.

Sales in the experimental stores were 2.2% higher than comparable Bed Bath & Beyond stores over the past four weeks, Temares said on Wednesday.

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