Bed Bath & Beyond Plans New CEO Soon, Working on 'Aggressive' Inventory Reduction -- Update
September 04 2019 - 5:32PM
Dow Jones News
By Josh Beckerman
Bed Bath & Beyond Inc. (BBBY) said its strategy will include
an "aggressive reduction of up to $1 billion of inventory" over the
next 18 months, which is expected to result in "newness and
higher-margin products."
The retailer also said it plans to name a "world-class" chief
executive in the coming weeks.
In an update on its transformation plans, Bed Bath & Beyond
said a "rapid refresh" is underway at nearly 160 stores. This
effort is expected to be completed before the 2019 holiday season,
offering "clearly visible" physical improvements intended to
improve the shopping experience.
The company previously mentioned goals including driving
top-line growth and improving its cost structure.
Shares were flat after-hours at $9.46.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
September 04, 2019 17:17 ET (21:17 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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