Bed Bath and Beyond to close 40 stores, open 19, amid sales decline
Nydailynews.com - Mon 15 Apr 15:17 GMT

Home goods retailer Bed Bath and Beyond announced it will close 40 stores but open 15 so-called lab stores as it moves to reinvent itself amid a sales decline.

Bed Bath and Beyond to close 40 stores, open 19, amid sales decline

  Home goods retailer Bed Bath and Beyond announced it will close 40 stores but open 15 so-called lab stores as it moves to reinvent itself amid a sales decline.The 21 “lab stores” the chain opened in 2018 have shown higher sales compared to the traditional stores, CEO Steven Temares told reporters last week during the company’s quarterly earnings call.

  The experimental stores focus more on home décor, food and beverage, and health and beauty products, the trade publication Chain Store Age reported.

  Those sales were 2.2% higher over the previous month than comparable traditional Bed Bath Beyond stores, Chain Store Age said.

  “For the same period, these lab stores are also achieving inventory reductions approximately 7 percent better than the inventory reductions already being achieved by comparable stores.”

  Same-store sales decreased 1.4 %, which was more than had been predicted, even as earnings per share of $1.20 came in higher than the $1.10 that had been predicted, Chain Store Age said.