US retailer Bed Bath & Beyond's Q1 FY21 sales jump 49% to $1.9 bn

30 Jun '21

2 min read

Pic: Shutterstock

Bed Bath & Beyond, a US-based omnichannel retailer, has reported 49 per cent sales growth to $1.9 billion in its first quarter (Q1) of FY21 ended on May 29, 2021, compared to the sales of $1.3 billion in the corresponding period of previous fiscal. The company’s net loss for the quarter reduced to $50.8 million (Q1 FY20: $302.3 million).

“We have started the year in a position of strength and are clearly on track to accomplish our goals. 2021 marks the first year of our three-year transformation following the groundwork we laid in 2020 – a year of historic and necessary change for this organisation against the backdrop of unprecedented challenges due to Covid-19,” Mark Tritton, Bed Bath & Beyond's president and CEO, said in a press release.

Gross profit for Q1 FY21 escalated to $633.7 million (Q1 FY20: $348.5 million), while selling, general and administrative expenses were $658.7 million ($724.1 million). The company’s operating loss for the three-month period narrowed to $71.8 million ($460.9 million).

“During the quarter, we successfully launched our margin-accretive, customer-inspired owned brands and accelerated growth with our digital first, omni-always focus. We are re-establishing our authority in home, recapturing market share and unlocking our full potential. We continue to execute quarter after quarter, and we are pleased to be raising our full year guidance outlook,” Tritton added.

“We have made meaningful progress against our transformational pillars during this early stage of our multi-year plan. We have confidently achieved each milestone along our transformation thus far and I would like to thank our team of incredible associates for their work in defining and driving these results. We are a stronger, more agile company than ever before and well on our way to building long-term growth and unlocking greater shareholder value,” Tritton concluded in the release.

Fibre2Fashion News Desk (JL)

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