Bed Bath & Beyond
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2059 49139 Shares
Bed Bath & Beyond CEO Steven Temares told analysts Friday that as leases come up, the company is renegotiating terms with landlords and contemplating closures of some 80 to 100 stores in the next few years, according to a transcript from Seeking Alpha.
However, Temares also defended the company’s brick-and-mortar strategy, saying that, although the retailer has been criticized for not shuttering more stores, all stores are profitable and provide marketing, online order fulfillment and other opportunities to reach customers online and off.
The home goods retailer also said that first quarter net sales rose 0.1 to $2.74 billion, as same-store sales in the quarter, including e-commerce, fell 2.0, compared with a decrease of 0.5 in the prior-year quarter. Digital same-store sales rose more than 20, while brick-and-mortar same-store sales declined in the mid-single-digit percentage, according to a company press release. Shares plummeted Friday as the results missed expectations: FactSet analysts estimated net sales would reach $2.79 billion,according to MarketWatch.
Here is the stores currently closing down:
Turkey Creek in Knoxville, Tennessee
Center at Deane Hill in Knoxville, Tennessee
Please stay tuned for more stores in your areas.
This is a satirical website. Don't take it Seriously. It's a joke.