Retail

Bed Bath & Beyond Reports 6 Pct Comparable Sales Growth

Bed Bath & Beyond Reports 6 Pct Comparable Sales Growth

Bed Bath & Beyond Inc. reported on Thursday (Oct. 1) that its comparable sales climbed roughly 6 percent in Q2 of fiscal 2020, marking its first comparable sales growth as of Q4 fiscal 2016.

The retailer said that Q2 comparable sales were rewarded by sizably formidable growth in digital channels of roughly 89 percent, according to an announcement.

Net sales from digital channels expanded by roughly 88 percent, as net sales from shops fell roughly 18 percent, in contrast to the prior year.

“Our growth strategy is unlocking improved financial performance, and the marked improvement in our second quarter financial results reflects the potential of our digital-first, omni-always transformation and our efforts to build a modern, durable platform for success,” Bed Bath & Beyond President and CEO Mark Tritton said in the announcement.

The executive said the company has engaged in “direct action” to put its business on an even keel, such as decreasing its cost structure, improving its financial flexibility and “investing where it matters most to our customers.”

SG&A expenses fell roughly $31 million or 3.5 percent in contrast to the prior year period.

As for its overall results, Bed Bath & Beyond Inc. reported non-GAAP adjusted diluted earnings per share (EPS) of 50 cents on net sales of roughly $2.7 billion. The results came out ahead of analyst expectations of a loss of 23 cents in earnings per share and $2.6 billion in revenue.

The news comes as Bed Bath & Beyond has launched same-day delivery from buybuy BABY and Bed Bath & Beyond in a move that grows omnichannel shopping offerings prior to the holiday season.

The move came after the past debut of contactless curbside pickup and buy online, pick up in store (BOPIS).

Shoppers can access the offering for a flat fee on purchases that exceed $39. Shoppers in certain zip codes have the ability to shop via eCommerce and select same-day delivery at checkout for qualified products.

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