Bed Bath & Beyond’s fiscal third-quarter sales fell by a third as the home goods company struggles to strike the right balance with its shoppers, a sign of its worsening outlook.
Numerous store closures are also set to happen across the country. Arizona Bed Bath & Beyond stores are among those set to close, the company announced this week.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.
Sales slid to $1.26 billion from $1.88 billion for the three months that ended Nov. 26, and its quarterly loss widened to $393 million. Sales at stores open at least a year, a key gauge of a retailer’s health, dropped 32%. Last year, Bed Bath & Beyond said it was reducing its workforce by about 20% and reported a 26% drop in sales compared to the second quarter of the 2021 fiscal year.
In an effort to improve sales, Bed Bath & Beyond said it would change its merchandising and inventory strategy.
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