Bed Bath & Beyond Sees Weak Comps In Q2, FY22; Plans Job Cuts, Store Closures

(RTTNews) - The struggling home improvement retailer Bed Bath & Beyond, Inc. (BBBY) announced Wednesday various measures to meet demand, drive growth and profitability, and improve its balance sheet and cash flows. These include 20 job reduction plans and plan to exit a third of its Owned Brands, and to close 150 lower-producing banner stores. The company also sees weak comparable sales in the second quarter and fiscal 2022.

In pre-market activity on the Nasdaq, the shares were losing around 24 percent to trade at $9.23.

For the second quarter, the company now expects net sales of approximately $1.45 billion and comparable sales decline of approximately 26 .

Further, for fiscal 2022, the company now expects comparable sales decline in the 20 range.

In its strategic and business update focused on changes, the company said cost optimization plans include a reduction in force, including approximately 20 across corporate and supply chain.