38°
The West Nyack location is among approximately 200 locations that are set to close in the next two years, marking approximately 21 percent of its stores across the country.
According to the company, it saw its net sales decrease by 49 percent in the first fiscal quarter due to the shutdown caused by the pandemic, though digital sales grew 82 percent in that time.
“The impact of the COVID-19 situation was felt across our business during our fiscal first quarter, including loss of sales due to temporary store closures and margin pressure from the substantial channel shift to digital,” Bed Bath & Beyond President Mark Tritton said.
“From the beginning of this crisis, we have taken measured, purposeful steps to help keep our people safe and our customers serviced,” he said. “At the same time, our actions to strengthen our financial position and liquidity are enhancing our flexibility and capacity to invest and rebuild our business for long-term success.”
According to Tritton, as Bed Bath’s stores are reopening, many are performing ahead of the retailer’s expectations. Consumers have shifted from stocking up on cleaning supplies, water filters, and coffee during the beginning of the pandemic, to larger-ticket items like home decor, bedding, and accessories for the backyard.
“We are encouraged by early customer response, including continued strong demand, in excess of 80 percent, across our digital channels during the month of June, bolstered by the expansion of our Buy-Online-Pick-Up-In-Store and Curbside Pickup services,” Tritton said.
“We believe Bed Bath & Beyond will emerge from this crisis even stronger, given the strength of our brand, our people and our balance sheet.”
Click here to follow Daily Voice Pound Ridge and receive free news updates.
