Interim CEO Mary Winston laid out management’s priorities for Bed Bath & Beyond in a quarter that features sliding comps and a net loss.
The four key near-term priorities that she emphasized were:
- Stabilizing and driving top-line growth.
- Resetting the company cost structure.
- Reviewing and optimizing the company’s asset base, including the retail banners operated.
- Refining the organization’s structure.
“Bed Bath & Beyond is an iconic brand with tremendous opportunity, and we recognize that there needs to be a fundamental change in our approach to executing the company’s business transformation,” Winston said. “The board and management team are aligned on these priorities, and we are committed to completing a deep review of the business to prioritize and drive forward the most meaningful initiatives to improve performance. As we execute against these near-term priorities, our focus will remain on delighting our customers and delivering long-term value for our shareholders.”
First quarter net loss was $371.1 million, or $2.91 per diluted share, versus net earnings of $43.6 million, or 32 cents per diluted share, in the year-prior period, Bed Bath & Beyond reported. Adjusted net earnings were $15.5 million, or 12 cents per share, versus $51.3 million, or 38 cents per share, in the previous first quarter.
Comparable sales fell 6.6% in the quarter year over year.
Net sales were $2.57 billion versus $2.75 billion in the year-previous quarter. Operating loss was $406.8 million versus an operating profit of $81.2 million, in the period a year before.