![]() ![]() The changes come ahead of the homegoods retailer’s first quarter report, set to be released this week, and follow a devastating report last quarter when sales plunged 22%. Competitors including Walmart and Target have seen their traffic remain steady, the analysts noted, while Bed Bath & Beyond is pacing down 20% to 30% year-over-year.Ī customer wearing a protective mask retrieves a shopping cart outside a Bed Bath & Beyond store in Louisville, Kentucky, U.S., on Saturday, Jan. An easing of Covid restrictions means a lower demand for home goods and supply chain problems have led to a lack of inventory to attract customers, they said. They significantly reduced their price target for the retailer’s stock from $17 to $7, citing a decrease in store traffic. The company continues to offer elevated promotions including up to 50% off bedding and furniture, free same-day shipping, $10 off a $30 purchase and 20% off purchases by college students and their parents.īut analysts at Riley Securities don’t see those sales promotions doing much to help. Meanwhile, fire sales and price reductions run rampant. The analysts expect Bed Bath & Beyond’s management will soon announce more store closures and halt openings of its Buy Buy Baby stores. Rewards programs have also been scaled back and replaced. Still, analysts at Bank of America who have conducted store visits report mounting concerns, including labor hours that have been meaningfully cut, scaled back utilities, reduced store operating hours and canceled remodeling projects. “We’ve been contacted about this report, and to be clear, no Bed Bath & Beyond stores were directed to adjust their air conditioning and there have been no corporate policy changes in regard to utilities usage,” said a representative. (BBBY) is reportedly dealing with cooled momentum and heated customers at its stores.Ī new report from Bank of America claims that the company has cut air conditioning in an effort to quickly lower expenses to make up for a slump in sales.īed Bath & Beyond told CNN that any changes in store temperature guidelines did not come from corporate. Retailers typically want their sales numbers to be red hot, not their customers.
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