The retailer, which made its debut in the film ‘Click’ in which Adam Sandler is likely to be closing some stores and divesting itself of some non-core brand assets as part of its turnaround efforts.
The beleaguered home goods company on Thursday reported a net loss of $371.1 million, or $2.91 a share, for the quarter ended June 1, compared with net earnings of $43.6 million, or $0.32 cents, in the year-earlier period. After adjusting for an impairment charge as well as severance and other costs, Bed Bath & Beyond posted earnings of $0.12 cents a share. Analysts had expected adjusted earnings of $0.08.
Bed Bath & Beyond is working to revamp its operations to better compete against increased competition online and off, from upstarts and such traditional players as Walmart and Target. The chain is also under pressure from a group of activist investors.
In May, longtime CEO Steven Temares stepped down amid ongoing pressure from the group who blame him for the chain’s faltering performance and are pushing for changes. Prior to his departure, the group released a 100-plus page document that detailed Bed Bath & Beyond’s “stale retail perspective” and called for the immediate removal of Temares, blaming him for more than a decade of underperformance. (Board member Mary Winston is serving as interim chief while the company searches for a permanent replacement.)
