Net sales fell 33% to $1.26 billion in its third quarter as inflation strained consumers’ pockets.
The company did not take questions from analysts on its Tuesday earnings call “in light of the ongoing review of strategic alternatives,” said Susie Kim, head of investor relations.of about $80 million to $100 million across the business, including overhead expenses and headcount.
Bed Bath & Beyond’s inventory fell to $1.44 billion in its third quarter, down 24.9% year-on-year, after shedding some of its owned brands including Wild Sage and offering steep Black Friday discounts to clear excess merchandise.Chief Executive Sue Gove said the company did not meet its goals in changing Bed Bath & Beyond’s assortment as it dealt with “credit line constraints” and vendors seeking quicker payments.
Despite efforts to increase national brands including Cuisinart and UGG to lure shoppers to stores, the company’s foot traffic fell 23.1% in November compared to the previous year, according to data from Placer.ai. Bed Bath & Beyond reported $153.5 million in cash and cash equivalents, a steep year-over-year decline from $509 million a year earlier.
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