Bed Bath & Beyond's ongoing strategy focuses on getting back to basics, according to CEO Mark Tritton.Tritton told Insider that nixing underperforming stores and extraneous businesses is a key aspect of Bed Bath & Beyond's recovery plan.
In its forward-looking statement, Bed Bath & Beyond estimated that company net sales in its fiscal fourth quarter are "estimated to be lower by a double-digit percentage range" because of "non-core banner divestitures and store closings." Tritton said that COVID-19 has been a "major disruptor" to the company's ongoing transformation, although it did accelerate a number of key changes like further investing in e-commerce. The executive team at Bed Bath & Beyond has also prioritized establishing a "stable balance sheet" and "a high level of liquidity" to better invest in the business going forward.
"We feel like we're well-positioned," he said. "That was one of the things we did very early on was to take a strong balance sheet and strengthen it even further to be able to ride out any storm."
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