Bed Bath & Beyond anticipates a net loss of approximately $385.8 million for Q3 FY22, including impairment charges of approximately $100.0 million, compared to a net loss of $276.4 million in the year ago period, the company said in a press release.
American omnichannel retailer Bed Bath & Beyond is expecting net sales of approximately $1,259 billion in the third quarter (Q3) of fiscal 2022 (FY22), compared to $1,878 billion in the year ago period. The company’s selling, general, and administrative expense is expected to be approximately $583.6 million, compared to approximately $698 million in Q3 FY21.
“We have a clear vision for the future of the company. Today’s announcement underscores the importance of having initiated a turnaround at the start of the third quarter and why we strengthened our leadership team to execute each step with precision. Our plan has two anchors: the first enables us to refocus merchandising and inventory, operate more efficiently, and grow our digital and omni-capabilities, and the second focuses on strengthening our financial position.Transforming an organization of our size and scale requires time, and we anticipate that each coming quarter will build on our progress,” said Sue Gove, President and CEO of Bed Bath & Beyond.
Fiber2Fashion News Desk (DP)