Bed Bath & Beyond, a US-based omnichannel retailer, has reported 2.6 percent sales decline to $2.61 bn in its fourth quarter (Q4) FY20 ended on February 27, 2021, compared to the sales of $3.10 bn in the same period previous fiscal. The company’s net income for the quarter rose to $9.05 mn (Q4 FY19: loss $65.41 mn).
“Fiscal 2020 was a year of fast-paced transformation in which we reformed the past, overcame extraordinary circumstances of the present, and established a firm foundation for the future. Despite the challenges created by the Covid-19 pandemic, we relentlessly focused on taking purposeful and bold steps to transform our entire organisation and remained true to our plans to rebuild our authority in Home and restore this iconic company,” Mark Tritton, Bed Bath & Beyond’s President and CEO, said.
The company’s gross profit for Q4 FY20 fell to $825.48 mn (Q3 FY19: $1.10 bn), while selling, general and administrative expenses were $762.99 mn ($1.02 bn). Operating loss however reduced to $23.65 mn ($81.20 mn).
“We are excited to start fresh in 2021 with our sharpened size and scale, a healthier portfolio of core banners and a stronger financial position to execute the first phase of our 3-year transformation journey. As our transformation continues to take hold, we will show up differently for our customers with enhanced omnichannel experiences and modern stores, new communications and differentiated owned brands that will elevate the shopping experience and make it even easier to shop with the new Bed Bath & Beyond,” Tritton said.
