Bed Bath & Beyond reports Q2 FY20 sales of $2.68 bn

08 Oct '20

2 min read

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Bed Bath & Beyond, a US-based omnichannel retailer, reported 1 per cent sales decline to $2.68 billion in its second quarter (Q2) fiscal 2020 ended on August 29, compared to the sales of $2.71 billion in the same period prior fiscal. Company’s net earnings for the quarter were $217.9 million compared to net loss of $138.7 million in Q2 FY19.

“Our growth strategy is unlocking improved financial performance, and the marked improvement in our second quarter financial results reflects the potential of our digital-first, omni-always transformation and our efforts to build a modern, durable platform for success,” Mark Tritton, Bed Bath & Beyond's president and CEO, said in a press release.

Company’s gross profit for Q2 FY20 rose to $987.5 million (Q2 FY19: $726.9 million). Selling, general and administrative expenses were $850.2 million ($880.8 million). Operating profit during the reported quarter was $270.5 million compared to operating loss of $182.2 million in Q2 FY19.

“During this unprecedented time when our homes have become the centre of our lives, our company continues to respond with agility to the changing needs of our customers. We are delighted by the continued strong response to our BOPIS and contactless Curbside Pickup service offerings, and we believe the recent launch of our new same day delivery service will make it even easier to shop with us, as we help families across North America unlock the magic of holidays at home,” Tritton said.

Fibre2Fashion News Desk (JL)

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