Bed Bath & Beyond posts FY19 sales of $11 billion

Bed Bath & Beyond Inc, a US-based omnichannel retailer of domestics merchandise, has posted 7.2 per cent decrease in its net sales to $11.15 billion in fiscal 2019 that ended on February 29, 2020 compared to sales of $12.02 billion in previous fiscal. Net loss for the reported year were $613.8 million compared to the net loss of $137.2 million in FY18. 

 

Bed Bath & Beyond Inc, a US-based omnichannel retailer of domestics merchandise, has posted 7.2 per cent decrease in its net sales to $11.15 billion in fiscal 2019 that ended on February 29, 2020 compared to sales of $12.02 billion in previous fiscal. Net loss for the reported year were $613.8 million compared to the net loss of $137.2 million in FY18.#

Gross profit for the year were $3.54 billion (FY18: $4.1 billion). Selling, general and administrative (SG&A) expenses for the year were $3.73 billion (FY18: $3.68 billion). 

 

Bed Bath & Beyond Inc, a US-based omnichannel retailer of domestics merchandise, has posted 7.2 per cent decrease in its net sales to $11.15 billion in fiscal 2019 that ended on February 29, 2020 compared to sales of $12.02 billion in previous fiscal. Net loss for the reported year were $613.8 million compared to the net loss of $137.2 million in FY18.#

Company earlier this month reported the extension of the temporary closure of all its retail banner stores across the US and Canada, other than buybuy Baby and Harmon Face Values stores, until May 2, 2020. In conjunction with this decision, the company announced it would implement additional cost reductions, including a furlough of the majority of store associates and a portion of corporate associates until at least May 2, 2020, a temporary reduction in salaries of the company's executive team by 30 per cent.

 

Bed Bath & Beyond Inc, a US-based omnichannel retailer of domestics merchandise, has posted 7.2 per cent decrease in its net sales to $11.15 billion in fiscal 2019 that ended on February 29, 2020 compared to sales of $12.02 billion in previous fiscal. Net loss for the reported year were $613.8 million compared to the net loss of $137.2 million in FY18.#

The company also modified its previously announced capital allocation plans as a result of the significant uncertainty related to the Covid-19 pandemic. The company has taken or plans to take the following further actions while managing this period of business disruption: suspended prior plans to spend up to $600 million in fiscal 2020 for share repurchases, future dividends, and debt reduction; postponed approximately $150 million in planned capital expenditures out of fiscal 2020, including some store remodels; and reduced discretionary spend such as business travel, advertising and expense associated with the maintenance of stores that are temporarily closed.