The company intends to invest $1-1.5bn in its business to accelerate its digital-first, omni-always transformation and drive sales, margin and cash flow growth.
The plans detailed by the retailer include launching as many as 10 private-label brands over the next 18 months whilst also investing $250M in the remodelling of around 450 existing stores to make shopping easier and inspiring. Another $250M will be investing to reinvent its supply chain, and pivot from a consolidation-based model to a modernised distribution network. A further $250M will drive the modernisation and innovation of the brands technology platforms.
Mark Titton, President and Chief Executive Officer, commented: “We have made tremendous progress this year to strengthen our financial position, focus our portfolio in core home, baby, beauty & wellness markets, rebuild our executive team, and launch a series of omnichannel services to win back customers. We will build on these strong foundations with a three-year growth strategy that further elevates the shopping experience, modernizes our operations, and unlocks sales growth, margin expansion, increased cash flow and strong and sustainable total shareholder return.”
