July 10, 2020
Following a fiscal first quarter that saw its net sales decline 49% year over year, Bed Bath & Beyond said Thursday it planned to close 200 stores over the next two years to optimize its real estate and fleet strategies. The Union, NJ-based housewares retailer, which operates 1,478 states under a variety of brands, won’t provide financial guidance for 2020 due to the continued uncertainty stemming from the COVID-19 pandemic.
Mark Tritton, Bed Bath & Beyond’s president and CEO, said, “The impact of the COVID-19 situation was felt across our business during our fiscal first quarter, including loss of sales due to temporary store closures and margin pressure from the substantial channel shift to digital.” Nearly two-thirds of fiscal Q1’s sales were digital.
He added, “We believe Bed Bath & Beyond will emerge from this crisis even stronger, given the strength of our brand, our people and our balance sheet.”
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