Why Bed Bath & Beyond Is Down 60% This Year
Bed Bath & Beyond (NASDAQ: BBBY) seemed to be stabilizing last year. Under the turnaround efforts of CEO Mark Tritton, former merchandising chief at Target (NYSE: TGT), the struggling retailer finally saw progress on its comparable store sales (or comps), gross margins, and inventories as pandemic-related headwinds dissipated.
Tritton focused on streamlining Bed Bath & Beyond's business by divesting its non-core banners, closing more of its namesake stores, liquidating its excess inventory, and expanding its e-commerce platform. Those were all steps in the right direction, but the company still struggled to keep pace with Amazon, Walmart, Target, and other better-run retailers.
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Source Fool.com
