Additionally, for its expectations for fiscal 2022, Bed Bath & Beyond said a drop in comparable sales of approximately 20% would be due to improvements in the second half of fiscal 2022 compared to the first half. of the 2022 financial year, according to a press release. Adjusted SG&A expenses would be approximately $250 million lower than last year, reflecting cost optimization actions taken in the second half of fiscal 2022. There would be capital expenditures of approximately $250 million. million compared to the company’s original plans of around $400 million.
US merchandise retail chain Bed Bath & Beyond Inc. revealed it had net sales worth around $1.45 billion in its interim financial update for the second quarter of fiscal 2022 ended August 27, 2022. The company also reported free cash flow usage of approximately $325 million and comparable sales decline of approximately 26% compared to the second quarter of fiscal 2021.
The Company has not yet completed its quarterly financial close and expects to provide its full second quarter financial results on Thursday, September 29, 2022. Until then, the preliminary results described are estimates only and remain subject to change and finalization. based on management decisions. ongoing review of quarter results and completion of the entire end of quarter review process.
“We embrace a simple, back-to-basics philosophy that focuses on better service to our customers, business growth and profitability. In a short time, we have made significant changes and instituted enablers across our business to regain our dominance as the preferred shopping destination for our customers’ favorite brands and exciting products. We have a special presence in the home and baby markets, and we intend to seize our opportunity to be the category retailer of choice,” director and interim chief executive Sue Gove was quoted as saying in the press release.
“We are working quickly and diligently to strengthen our liquidity and secure our path for the future. We have thoroughly reviewed our business and today we are announcing immediate actions to increase customer engagement, drive revenue traffic and regain market share. This includes changing our merchandising and inventory strategy, which will be anchored in national brands. In addition, we are focusing on driving digital and foot traffic, as well as optimization of our store base. We believe these changes will have a broad-based positive impact on the customer experience, inventory mix, supply chain execution and cost structure. The customer underpins our decisions and we are committed to delivering what it wants while driving growth, profitability and financial returns,” Gove added.
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