Bed Bath & Beyond CEO Resigns as 2022 Sales Plummet
Bed Bath & Beyond CEO Resigns as 2022 Sales Plummet
Bed Bath & Beyond CEO , Resigns as 2022 Sales Plummet.
Bed Bath & Beyond CEO , Resigns as 2022 Sales Plummet.
CNN reports that Bed Bath & Beyond CEO Mark Tritton will step down after only three years of leading the faltering retailer.
CNN reports that Bed Bath & Beyond CEO Mark Tritton will step down after only three years of leading the faltering retailer.
On June 28, the company announced a major change to its leadership while also reporting significantly low 2022 earnings.
Sue Grove, an independent director on the company's board, has been tapped to serve as Bed Bath & Beyond's interim CEO.
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We must deliver improved results.
Top-tier execution, careful management of costs, greater supply chain reliability, prudent capital spending, a stronger balance sheet, and robust digital capabilities will all be important to our success, Sue Grove, Bed Bath & Beyond interim CEO, via CNN.
We must deliver improved results.
Top-tier execution, careful management of costs, greater supply chain reliability, prudent capital spending, a stronger balance sheet, and robust digital capabilities will all be important to our success, Sue Grove, Bed Bath & Beyond interim CEO, via CNN.
The same day, Bed Bath & Beyond reported lower-than-expected earnings over the past quarter.
Sales had declined a significant 27% compared to the same time in 2021.
The announcement sent the company's stock tumbling as much as 20% in early trading.
The drop brings stock in Bed Bath & Beyond down about 65% for 2022.
According to analysts with Bank of America, Bed Bath & Beyond has reduced labor hours, scaled back utilities, cut operating hours and canceled remodeling projects.
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Analysts now expect that the company will soon announce more store closures and cancel openings of its planned Buy Buy Baby stores
