Sales slid to $1.26 billion for the three months ended Nov. 26 from $1.88 billion a year earlier. Sales at stores open at least a year, a key gauge of a retailer's health, dropped 32%.
FILE - In this May 9, 2012 file photo, a Bed Bath & Beyond sign is shown in Mountain View, Calif. Bed Bath & Beyonds fiscal third-quarter sales fell 33% as the home goods company works on striking the right balance with its shoppers. Sales slid to $1.26 billion from $1.88 billion for the three months ended Nov. 26, 2022.
The company, which has already been cutting costs, said Tuesday it will slash an additional $80 million to $100 million across the company, including an unspecified number of layoffs.protection as it struggles to attract shoppers. It then said that it’s considering options including selling assets or restructuring its business in bankruptcy court. But the chain acknowledged that even those efforts may not be successful.
While the quarterly performance was not a surprise given Bed Bath & Beyond’s update on its results last week, Neil Saunders, managing director of GlobalData, said in statement that it’s still a bit of a shock and only adds to concerns about Bed Bath & Beyond's survival. President and CEO Sue Gove said in a prepared statement on Tuesday that the company is working on adjusting its merchandise and strategy, which has moved away from shoppers’ preferences.
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