American retailer Bed Bath & Beyond’s Q3 net sales fall by 28% to US $ 1.9 billion

American fashion retailer Bed Bath & Beyond has attributed the ongoing supply chain challenges as the major reason for its dismal Q3 net sales.

The retailer saw its net sales for the quarter drop by 28 per cent to US $ 1.9 billion. The slump fell further by 32 per cent, when compared to the same period two years ago.

The retail bigwig saw its comparable sales go down by as much as 7 per cent from the same period last year, while the fall was 4 per cent from Q3 of 2019.

Notably, comps fell by 5 per cent in stores and 9 per cent year-on-year in its digital business.

As far as losses are concerned, the same rose by more than US $ 200 million from 2020 to US $ 276.4 million.

In a statement released to media, Mark Tritton, CEO, Bed Bath & Beyond, said that despite customer demand, overall sales were pressured owing to lack of availability with replenishment inventory and supply chain stresses that had an estimated US $ 100 million impact on the third quarter and an even higher impact in December.

Additionally, traffic too remained down all through the third quarter, which further impacted the retailer’s performance.

Founded in 1971, Bed Bath & Beyond operates many stores in the US, Canada, Mexico and Puerto Rico.