![]() ![]() Cohen has criticized the company’s current strategy and urged it to make changes.Ĭohen, who also founded online pet retailer Chewy, wrote that Bed Bath & Beyond is trying to implement too many “cumbersome” plans at once and instead should “narrow its focus” to priorities, such as improving its supply chain and merchandise mix. His RC Ventures bought a nearly 10% stake in Bed Bath & Beyond (BBBY) on March 6, making the investment firm a top-five shareholder. So early indicators through the back end of Q4 on bodes well,” Tritton said.īed Bath & Beyond has caught the attention of activist investor Ryan Cohen, who wants to shake things up at the company. “I think that we see upward trends in wedding that everyone’s expecting and want to capitalize on that. The man behind GameStop mania is coming for Bed Bath & Beyond shopping bag outside a store in Clarksville, Indiana, U.S., on Sunday, Jan. (The company also operates baby goods chain buybuy Baby).Ī customer carries a Bed Bath & Beyond Inc. Tritton said during the call that the company is seeing an uptick in its wedding and baby business. The nightmare year of 2020 forced the cancellation or delay of a majority of weddings, and scores of businesses that rely on them for revenue were left struggling to survive.īed Bath and Beyond is a popular destination for wedding registries. The wedding industry is projecting a boom in 2022, with as many as 2.6 million weddings expected to take place this year, up from 2.2 million in 2019, prior to the pandemic.Ī banner year for weddings will be welcome relief not just for brides and grooms, but for the entire industry and the retailers who cater to it and rely on it for revenue. If there is a bright spot, said Tritton, it is the company’s wedding and baby categories. He added that the company continues to experience high freight and shipping costs tied to ongoing global supply chain problems. “We anticipate many of the operating dynamics we experienced in the fourth quarter, both industrywide and internal, to continue in the first quarter,” he said during the call.īed Bath & Beyond’s CEO Mark Tritton said the unavailability of certain products resulted in about $175 million of lost sales during the period, and that the retailer can’t deliver on major items advertised in its circulars. Sales at stores open at least a year, have fallen 20% so far in the the company’s current quarter. Lululemon wants your used workout clothes ![]()
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