An American chain of domestic merchandise retail stores Bed Bath & Beyond has reported a decline in sales of 49% to $1.3 billion as compared to the sale of the previous year of $2.5 billion. Although digital channels have reported a growth of 82% in the quarter ended on 30th May including the growth in excess of 100% during April and May.
Whereas sales from stores, of which 90 percent of the company’s total fleet were closed during the majority of the quarter, dropped 77 percent.
“With nearly all stores now open, we are delighted to welcome back our customers and drive an enhanced Omni-always shopping experience.”
Gross profit for the company during Q1 FY20 fell to $348.4 million (Q1 FY19: $887.1 million). Selling, general and administrative expenses for the quarter were $724.1 million ($892.7 million). The company incurred an operating loss during the quarter of $460.9 million ($406.8 million). Net loss was $302.2 million ($371.0 million).
“We are encouraged by early customer response, including continued strong demand, in excess of 80 percent, across our digital channels during the month of June, bolstered by the expansion of our Buy-Online-Pick-Up-In-Store (BOPIS) and Curbside Pickup services,” Tritton said. “We believe Bed Bath & Beyond will emerge from this crisis even stronger, given the strength of our brand, our people, and our balance sheet.”