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Bed Bath & Beyond net sales down 7.3% to $2.7 bn in Q2 '19

05
Oct '19
Pic: Bed Bath & Beyond
Pic: Bed Bath & Beyond
Bed Bath & Beyond, an omni-channel retailer, has reported net sales of approx $2.7 billion for fiscal 2019 second quarter ending August 31. This marks a decrease of approx 7.3 per cent from Q2 of 2018 where the company had reported net sales of $2.9 billion. Comparable sales in Q2 declined approx 6.7 per cent. The net loss per diluted share was $1.12.

"We are making good progress against our four key near-term priorities, including: (1) stabilizing sales and driving top-line growth; (2) resetting the cost structure; (3) reviewing and optimising the company's asset base, including the portfolio of retail banners; and (4) refining our organisation structure. Our second quarter financial results reflect the relentless effort of our teams and our progress in driving the Company's transformation efforts to delight our customers, enhance our competitive position, improve our financial performance, and drive shareholder value," said Mary A Winston, interim CEO of Bed Bath & Beyond.

For the full-year of fiscal 2019, net sales are estimated to be around $11.4 billion and net earnings per diluted share are estimated to be between $2.08 and $2.13.

Meanwhile, the company has made substantial progress toward identifying a permanent CEO. It remains on track with its expectation that it will make an announcement soon.

Fibre2Fashion News Desk (PC)


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