Moreover, for its fiscal 2022 expectations Bed Bath & Beyond stated that comparable sales decline in the 20 per cent range would be driven by improvements in the second half of fiscal 2022 versus the first half of fiscal 2022, according to a press release. Adjusted SG&A expense would be approximately $250 million below last year reflecting cost optimisation actions occurring in the second half of fiscal 2022. There would be capital expenditures of about $250 million versus the company’s original plans of approximately $400 million.
US domestic merchandise retail chain Bed Bath & Beyond Inc. has revealed that it earned net sales worth around $1.45 billion in its interim financial update for Q2 FY2022 ended August 27, 2022. The company also announced free cash flow usage of around $325 million and comparable sales decline of approximately 26 per cent compared to Q2 FY2021.
The company has not yet completed its quarterly financial close and plans to provide its full financial results for Q2 on Thursday, September 29, 2022. Until that time, the preliminary results described are estimates only and remain subject to change and finalisation based on the management’s ongoing review of results of the quarter and completion of all quarter-end close review process.
“We are embracing a straight-forward, back-to-basics philosophy that focuses on better serving our customers, driving growth, and delivering business returns. In a short period of time, we have made significant changes and instituted enablers across our entire enterprise to regain our dominance as a preferred shopping destination for our customers’ favourite brands and exciting products. We command a special presence in the Home and Baby markets, and we intend to fulfil our opportunity to be the category retailer of choice,” director and interim chief executive officer Sue Gove was quoted as saying in the press release.
“We are working swiftly and diligently to strengthen our liquidity and secure our path for the future. We have taken a thorough look at our business, and today, we are announcing immediate actions aimed to increase customer engagement, drive traffic, and recapture market share. This includes changing our merchandising and inventory strategy, which will be rooted in National Brands. Additionally, we are focused on driving digital and foot traffic, as well as optimising our store fleet. We believe these changes will have a widespread positive impact across customer experience, inventory assortment, supply chain execution, and cost structure. The customer underpins our decisions, and we are committed to delivering what they want while driving growth, profitability, and financial returns,” Gove added.
Fibre2Fashion News Desk (NB)