Plus, it is also undergoing a transformation to strengthen its digital presence. BBBY faces intense competition from the likes of, Inc. Its gross profit came in at $825.49 million in the quarter, down 18.6% year-over-year. However, its net sales for the quarter declined 15.7% year-over-year to $2.62 billion. It reported 4% year-over-year growth in total enterprise comparable sales for the fiscal fourth quarter that ended February 27, 2021. The company delivered its 3rd consecutive quarter of comparable sales growth. However, as the economy gradually reopens, the pace of growth might slow down. CNN Sans ™ & © 2016 Cable News Network.Omni channel retailer Bed Bath & Beyond Inc.’s ( BBBY) shares soared 263.5% over the past year to close yesterday’s trading session at $27.26 as the demand for household goods such as bed linen, bath items, and kitchen textiles surged amid the COVID-19 pandemic. Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account Walmart and Gap announced a tie-up over the summer to sell Gap homegoods on Walmart’s website. Other companies have struck unlikely partnerships in recent years, such as Kohl’s and Weight Watchers and Apple and Target. “Kroger itself needs to push beyond groceries and bolster its non-food business, so the partnership with Bed Bath & Beyond makes strategic sense.” This alone will help the company resolve one of its key issues: remaining on the consumer radar,” he said. “Kroger represents a huge channel for Bed Bath & Beyond and can bring more shoppers into contact with the brand. Neil Saunders, the managing director of GlobalData Retail, said in a note to clients that the partnership offers benefits for both chains. Kroger last year created an online marketplace for third-party sellers and it’s looking to add more merchandise to the site. The company grew early in the pandemic as customers spending more time at home bought home goods, but sales slumped over the summer amid supply chain challenges.įor Kroger, selling home and baby items may allow it to offer customers more than groceries when they shop on its website or visit its stores - much as some of its competitors like Walmart Bed Bath & Beyond also said it will sell some of its own private-label brands at Kroger.īed Bath & Beyond is attempting a turnaround under a new CEO after years of disappointing sales and store closures. Bank of America analyst Curtis Nagle said over the summer that he would stop rating Bed Bath & Beyond because shares were “no longer trading on fundamentals.”īed Bath & Beyond hopes its partnership with Kroger will help it reach new customers and open a new revenue opportunity for the company. The company’s stock surged around 80% after the announcement.īed Bath & Beyond has traded in volatile swings in recent months and has become a so-called meme stock, driven in part by support from Reddit’s army of fans. Bed Bath & Beyond's stores have always been chaotic.
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