The company said sales in the three months ended Aug. 27 fell 28 per cent from a year earlier, the fifth consecutive quarter in which the retailer reported a double-digit fall in revenue. Bed Bath & Beyond said the job cuts and store closings it announced earlier this month are helping to cut costs.
“They’re in a deeper hole today than they were in the past,” said Cristina Fernandez, a Telsey Advisory Group analyst. “You’re executing a turnaround plan when it’s a tough consumer environment.” But the rollout of the private-label strategy was erratic. Temares and some other longtime members of the executive team seemed to only half-heartedly embrace the new private-label strategy and seemed unwilling to shake things up after overseeing so many years of growth in the past.
Temares, in an emailed message, said Bed Bath & Beyond under his tenure “had a well-thought-out and healthy private-label business.” He added: “We are proud of our prioritization of our customers and our performance from inception through 2019.” While Tritton listened to staff complaints about the poor quality of Bed Bath & Beyond’s website, upgrades happened too slowly, and the retailer continued to lose customers to competitors with better e-commerce systems. Employees joked that it was easier to find a Bed Bath & Beyond item by searching for it on Google than by looking on the company’s own website.
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Chapter 11 in 5.4.3…..