US retailer Bed Bath & Beyond has seen its Q2 net sales go down by 28 per cent to US $ 1.4 billion.
The comparable sales fell by 26 per cent during the quarter.
By banner, comp sales at Bed Bath & Beyond dipped by 28 per cent, which reflected legacy merchandise assortment and out of stocks. At BuyBuy Baby, comps fell by a high-teens percentage.
The retailer’s operating loss increased by more than fourfold to clock US $ 346.2 million from US $ 84.1 million recorded in the year-ago period. The net loss rose fivefold to US $ 366.2 million, while the same was US $ 73.2 million last year.
The American retailer is already struggling! As a part of its turnaround strategy, Bed Bath & Beyond had announced that it would lay off about 20 per cent of its corporate and supply chain staff, besides discontinuing three of its nine private labels in favour of national brands.
The disappointing Q2 performance of the retailer has further made the scenario tight for the retailer.
