Jim Cramer explains why the troubled retailer can be saved if it makes major management changes.
CNBC's Jim Cramer on Thursday said it's time for"wholesale change" in Bed Bath & Beyond's management.
"In 2016, [CEO Steven] Temares started telling us he'd made the stores more experiential to improve the shopping experience, but you wouldn't know it if you've been to a Bed Bath & Beyond lately," Cramer said. "This strategy has been devastating for Bed Bath's … gross margins — what the make after the cost of goods sold — which have fallen from 40% in 2012 to under 35% in the latest quarter," the host said.The banking sector will set the tone for earnings season when the group begins delivering quarterly results on Friday, Cramer said.
"The fear is palpable that earnings could be down year-over-year, but no one wants to leave the table because stocks are still the only game in town," he said."Even though we've had a real slowdown since the Fed's last rate hike, the alternative to stocks — the bond market — once again offers only paltry returns."Macy's used its savings from 2018 tax reform to create a"path for growth," CEO Jeffrey Gennette told CNBC.
Bezos, Amazon founder and CEO — who is also the world's richest man — called on competitors in his annual shareholder letter Thursday to match the company's $15 minimum pay and benefits. Gennette said that Macy's understands that"culture is everything" in the workplace and that the company must take care of its staff.Macy's is also focused on transitioning its stores to reclaim patrons it lost to online shopping, such as Amazon.
The private company, which was launched in 2015, seeks to find true supply and demand and true market value through transparency, Luber said. Goat Group, the company's main competitor, recently scored a $100 million deal with Foot Locker.
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