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He told analysts the company will move quickly to clear excess inventory, a problem other retailers including Target face.īed Bath will reduce full-year capital expenditures by at least $100 million to about $300 million, too, Arnal said. Inventory rose about 15% from a year ago, he said. In the most recent quarter, by contrast, Bed Bath racked up excess inventory as demand fell, Chief Financial Officer Gustavo Arnal said. Merchandise got stuck at ports and there were shortages of items like vacuums because of the lack of microchips. During the holiday quarter, for example, the company missed out on about $175 million in sales because of out-of-stocks. Despite the efforts, Bed Bath struggled to reverse trends and bumped into new obstacles. Under Tritton, a Target veteran, the company launched numerous private label brands, shuttered underperforming locations and remodeled stores. The leadership shakeup comes after a more than two-year effort to revive the company's brand, grow its online business and win back customers who have fled to other places to buy towels, stock up on dorm supplies and register for weddings.

The figures include a 27% drop for its Bed Bath & Beyond banner and a mid single-digits decline for the Buybuy Baby banner.

Same-store sales, a key retail metric, declined 23% in the quarter compared with a year ago, worse than the 20.1% drop that analysts expected, according to StreetAccount. Wall Street expected sales of $1.51 billion. Sales fell to $1.46 billion from $1.95 billion a year earlier. That was more than the $1.39 that analysts expected, according to Refinitiv. On an adjusted basis, the company's net loss was $2.83 per share. The company's net loss widened to $358 million, or $4.49 per share, from $51 million, or 48 cents per share, a year earlier. Here's how the retailer did in the three-month period ended May 28 compared with what analysts were anticipating, based on Refinitiv data: Mara Sirhal, who most recently served as general merchandise manager of health, beauty and consumables, will replace Joe Hartsig, who is leaving the company. The retailer also named a new chief merchandising officer.