Bed Bath & Beyond Sales Up 50% as Consumers Continue Investing in Homes
Retail Dive | June 30, 2021
Bed Bath & Beyond, and the home goods category as a whole, benefited over the last year as life suddenly centered largely around the home. For 2021, "We have started the year in a position of strength and are clearly on track to accomplish our goals," CEO Mark Tritton said.
Bed Bath & Beyond reported first quarter net sales increased 49.5% year over year to nearly $2 billion but decreased 24% from 2019.
The retailer's comparable sales grew 86% over 2020 figures and 3% compared to 2019, driven by digital sales growth of 84%.
Bed Bath & Beyond's operating loss narrowed more than 84% year over year and more than 82% from 2019. Its net loss shrunk to $50.9 million from $302.3 million in the year-ago period.
The retailer has been busy executing its three-year turnaround plan, which includes remodeling stores, investing in technology and introducing private labels, six which have launched since February. The retailer continues to emphasize on digital with dedicated social channels on TikTok and Instagram to cater to a younger audience.