Cash Flow from Operations of approximately $(307.6) million, Liquidity of approximately $0.5 billion, including the Company's ABL facility and FILO loan less borrowings of $550.0 millionįiscal 2022 Third Quarter Results (ending November 26, 2022).Net Loss for the quarter included $100.7 million of non-cash impairment charges related to certain store-level assets.Additional $80 million to $100 million savings opportunity identified across supply chain that will also improve cost to serve and time to deliver for our customers.Initiated incremental cost reductions of approximately $80 million to $100 million across corporate, including overhead expense and headcount, to align with current business.On track to complete approximately 150 store closures by the end of fiscal 2022.On track to deliver approximately $250 million of SG&A savings versus last year for the second half of fiscal 2022, or $500 million on an annualized basis.SG&A Expense of $583.6 million significantly below $698.0 million last year, driven by successful execution of aggressive cost reduction initiatives to right-size expense structure as previously committed.Double-digit decrease in Owned Brands inventory penetration versus peak levels during the first half of fiscal 2022.GAAP Gross Margin of 22.1% Adjusted 2 Gross Margin of 22.8% reflecting the continuation of incremental clearance activity related to discontinued Owned Brands merchandise and increased promotional activity.Welcome Rewards membership surpasses 16 million, increasing from approximately 6 million in the second quarter of fiscal 2022, reflecting predominantly new members.Sales performance driven by lower in-stock position of approximately 70% and decrease in customer traffic.Bed Bath & Beyond banner Comparable 1 Sales decline of (34)% buybuy BABY Comparable 1 Sales decline in the low-twenties percent range.Net Sales of $1.259 billion declined (33)%, predominantly driven by a Comparable 1 Sales decline of (32)%.Our entire organization is laser-focused on maximizing the value of our company by reconnecting with our customers and positioning Bed Bath & Beyond, buybuy BABY, and Harmon for long-term success." Gove concluded, "We want our customers to know that we hear them and are charging ahead every day to meet their needs. We are committed to updating all stakeholders on our plans as they develop and finalize – particularly our employees and partners, who are the essential catalysts of our business and the cornerstones of our future." Multiple paths are being explored and we are determining our next steps thoroughly, and in a timely manner. We have a team, internally and externally, with proven experience helping companies successfully navigate complex situations and become stronger. "As we shared last week, we continue to work with advisors as we consider all strategic alternatives to accomplish our near- and long-term goals. We believe our concrete advantages in defining categories, offering broad and curated selections, and delivering for customers are compelling reasons why we will continue to command a formidable presence in the Home and Baby categories into the future." "For decades, Bed Bath & Beyond has set the pace across the sector and we have commanded our position in retail through many different economic cycles and alongside a continuously evolving customer. Our organization is more streamlined and we have adopted a more focused infrastructure that reflects our current business." We are also on track to achieve the 150 store closures that we previously outlined, which will further enable us to allocate resources according to customer demand. We are delivering on our aggressive second half commitment of $250 million in SG&A optimization, or $500 million in annualized savings. Gove continued, "We are implementing our plan expeditiously while managing our financial position in a changing landscape. We are actively pursuing higher in-stock levels to meet proven demand." We will continue to rebalance our assortment towards National Brands and refine our Owned Brands mix to reflect the deep understanding of our customer, along with the selection and value only we can offer in the Home and Baby markets. Although we moved quickly and effectively to change the assortment and other merchandising and marketing strategies, inventory was constrained and we did not achieve our goals. said, "At the beginning of the third quarter, we initiated a turnaround plan anchored on serving our loyal customers, following a period when our merchandise and strategy had veered away from their preferences. Sue Gove, President & CEO of Bed Bath & Beyond Inc.
0 kommentar(er)
