What to Know
- The company said it will close approximately 40 Bed Bath & Beyond stores, and 20 stores from its other concepts.
- Previously, the company expected to shutter 40 stores all together.
- Interim CEO Mary Winston said the decision is a result of its work to optimize its fleet.
Bed Bath & Beyond will close 60 stores by the end of fiscal 2019, the company announced in an earnings call Wednesday. It previously estimated it would shutter 40 stores.
Interim CEO Mary Winston said the decision is a result of its work to optimize its fleet. “With this action we are increasing the profitability of our remaining portfolio, and believe that our remaining fleet will benefit from our renewed focus on driving traffic and operating efficiency,” Winston said.
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The company said it will close about 40 Bed Bath & Beyond stores, and 20 stores from its other concepts.
The company posted mixed second-quarter earnings Wednesday and its tenth straight quarter of same-store sales declines. It reported adjusted earnings per share of 34 cents, topping analyst estimates of 27 cents. Sales of $2.72 billion were slightly lower than expectations of $2.752 billion.
The company has also been focused on near-term priorities to turn around its business including stabilizing sales and driving top-line growth, resetting its cost structure, reviewing and optimizing its asset base, and refining its organization structure.
Winston said the company has been making good progress on achieving its priorities. The home goods retailer also said it "has made substantial progress toward identifying a permanent CEO" and expects that it will make an announcement soon. Steven Temares resigned from the top job in May, and was succeeded in the interim by Winston.
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