I want to thank our teams for their proven dedication and resilience during this extraordinary and important time for our organization. We are confident that our current liquidity will enable the necessary changes we are implementing. "We have worked quickly to deploy strategic and financial changes swiftly to increase cash through business growth and lowering our cost structure by approximately $250 million in the second half of fiscal 2022, or an expected $500 million on an annualized basis. We are enhancing our capabilities while leveraging Welcome Rewards, such as the relaunch of our Baby registry business later this fiscal year, increasing the effectiveness of marketing investments, and realizing the strategic shift of our merchandise assortment which had minimal impact in this quarter, all targeted to drive customers and top-line growth." Our buybuy BABY business continues to hold market share relative to other mass market retailers in today's highly competitive environment. Enrolled members represent more frequent purchases and higher transaction values across all three banners. Our Welcome Rewards loyalty program also continues to gain momentum with membership expanding by more than 1.3 million since the end of August, for a total of 6.4 million members since launching this summer. For example, we have seen positive sales trends where in-stock positions and visual merchandising have improved. Gove continued, "Although still very early, we are seeing signs of continued progress as merchandising and inventory changes begin. Working with our supplier partners has also been an important focus area and our payables are considerably healthier than in the prior quarter as evident on our balance sheet. Aggressive inventory optimization actions, including accelerated markdowns and strategic promotions, led to double digit improvement in this gap. In the first quarter, we experienced a significant dislocation between sales and inventory that we began to address immediately during the second quarter. While our sales and profit results do not yet reflect the strategic and financial actions we have initiated to change our performance, they do demonstrate sequential progress in several key areas. Sue Gove, Director & Interim CEO of Bed Bath & Beyond said, "Our results for the second quarter came in as previously expected and announced.
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