Bed Bath & Beyond has posted its Q3 report!
The US fashion retailer has seen its third quarter net sales fall by 5 per cent year-over-year (Y-o-Y) to clock US $ 2.6 billion.
While closure of stores has been attributed as a major reason for the dip in its net sales during the quarter, the company has also owed the drop in number to the sale of its Cost Plus World Market.
Earlier last month, the retailer had, reportedly, sold Cost Plus World Market to private equity company Kingswood Capital Management.
The fashion retailer’s comparable sales marginally went up by 2 per cent in the said quarter. That’s second successive quarter to post a jump in comparable sales for the retailer!
What’s, however, delighted the retailer the most is its impressive jump of 77 per cent in e-commerce sales during the third quarter. But that was expected!
The operating loss, however, touched US $ 122.8 million in the third quarter – A huge loss compared to what it was in the Q3 of last year (US $ 29.8 million).
Net loss too rose from US $ 38.6 million (Q3 of last year) to a worrying US $ 75.4 million.
Reportedly, the homewares sector has done well for the retailer, but its overall numbers were short of total growth in the homeware market.
However, the retailer is continuing with its revamping efforts by selling its non-core banners and also by closing down non-profitable stores. While it closed around 120 stores by the end of 2020, it plans to shut down 200 stores this year.
